KILKENNY, Ireland, June 3, 2021 /PRNewswire/ -- TransferMate, the world's leading provider of payments infrastructure as a service, and WEX, a global financial technology service provider, today launched new capabilities that simplify how businesses of all sizes execute complex international payments. Through the partnership, TransferMate has integrated its leading payments technology directly into the WEX system. WEX clients will be able to execute seamless international transfers with ease, and experience new levels of simplicity, security and speed through TransferMate's extensive global payments network.
With the custom integration, WEX – known globally as a leader in corporate payments – will be able to expand its offering to give clients domestic, regional and international transfer capabilities via TransferMate. The partnership shows a commitment by both organizations to improve the payment options for global companies, enabling international transfers at lower costs, higher speeds and with greater reconcilement benefits.
Sinead Fitzmaurice, CEO of TransferMate, a subsidiary of Clune Technology Group, said: "We are excited to join forces with WEX to provide the most efficient payment process possible for global businesses. At TransferMate, we are committed to making international payments easier than ever before and a key way to accomplish that is through strategic partnerships with likeminded, cutting-edge companies in the industry, like WEX."
The TransferMate and WEX partnership streamlines payment management and reconciliation for accounts teams, allowing for full transparency and one login to make fast and secure payments. With the new capabilities of the WEX payments platform, businesses can take control of their business spend, with tracking, insights, security and automated reconciliation.
Jay Dearborn, President of Corporate Payments at WEX, said: "Through the WEX and TransferMate partnership, businesses will be able to make domestic, inter regional and cross-border payments by paying locally in their own currency, with funds settled locally in the beneficiary's currency. As WEX continues to unify global AP to AR payments processes, we are thrilled to provide new flexibility and payment rail choice to our customers--helping them save both time and money as a result of simplifying the traditional transfer process."
About TransferMate Global Payments
TransferMate — a subsidiary of Clune Technology Group founded by Terry Clune — is the world's leading provider of payments infrastructure as a service, enabling companies to send and receive cross-border payments faster and easier. TransferMate, under the leadership of Clune and CEO Sinead Fitzmaurice, has built one of the largest portfolios of payments licences worldwide, including in 51 US states and territories, to support trading in 162 countries.
Leading banks, fintechs and software providers partner with TransferMate to offer an enhanced user experience for their business customers. The company has created bespoke integrations for banks like ING and AIB, who are also investors in the company, and Wells Fargo and software providers such as Coupa, SAP Concur, Tradeshift, Workday, etc. The TransferMate API solution allows partners to digitalise the payments flow within their software, enabling all businesses to achieving significant time and financial savings. For more information, visit www.transfermate.com.
Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, corporate payments, travel and health. WEX has offices in more than 10 countries and employs more than 5,200 associates around the world. WEX fleet cards offer approximately 16 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions was $20.9 billion in 2020 and was processed in over 20 currencies; our health division provides consumer-directed healthcare technology and services, and reached an estimated 34.3 million U.S. consumers as of March 31, 2021. For more information, visit www.wexinc.com.