Barclays Uses TransferMate For Foreign Receivables Package

Barclays Bank is working with Irish payments company TransferMate to create an international receivables package that will help clients who do business abroad save money on money transfers.

Barclays clients who do business in GBP will now be able to bill their customers in their local currency in more than 60 currencies and 67 countries. They will get the payment back in GBP at the exact amount they asked for. All payments are instantly matched to the amount that was invoiced, so there is no need for manual reconciliation.

With TransferMate’s global payments system, international payments can go through a single integrated network, and transfers can be handled like domestic payments.

The service has already been tested successfully with Barclays’ higher education clients. It lets institutions bill international students in GBP and let them pay in their own currency. This gets rid of the interchange fee that is usually charged for credit card payments.

“From manufacturing and leisure to education and healthcare, our partnership with TransferMate will enable clients from numerous industries to offer a new payment method to their customers whilst achieving reconciliation benefits and reduced banking fees for their businesses’ says Martin Runow, global head of payments, FX and digital at Barclays Transaction Banking. ‘This solution is a significant step forward for any business that trades internationally and invoices in GBP – particularly in the consumer to business space.”