Wells Fargo has tapped TransferMate to deliver a new business banking tool for its customers.

The partnership will delivers Global Invoice Connect to users. Furthermore, the platform offers electronic bill presentment in US dollars or in customers’ local currency.

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Furthermore, TransferMate collects funds from customers located in over 50 countries around the world. This is through a local funds transfer in customers’ local currency.

Businesses around the world use Global Invoice Connect to reduce expenses. In addition, businesses will receive payments from global customers in a more seamless way. In addition, the solution improves cash flow by ensuring receipt of the full invoiced amount and receiving funds faster.

As digital interactions rapidly increase, the need to provide frictionless payment systems is more crucial than ever.

Co-founder and CEO of TransferMate, Terry Clune, said: “With this relationship, TransferMate and Wells Fargo are leading the charge in reducing the friction between borders for international businesses, and those aspiring to expand abroad.

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“Global Invoice Connect is a prime example of two innovative financial services companies coming together to deliver a powerful new payments technology. It helps businesses stay ahead of the curve in an increasingly fast-paced world.”

Global Invoice Connect solution providing faster payments

Global Invoice Connect solution streamlines the receivables process and reduces administrative overhead. It does this by automatically matching the payment received to the invoiced amount. This eliminates manual reconciliation.

Furthermore, the platform benefits the business customer as it reduces their payment cost in certain locations.

Head of Global Product Management at Wells Fargo, Judd Holroyde, commented: “The pace of globalisation in the digital economy continues to grow. It opens a wide variety of new opportunities for businesses around the world.  In our continuing commitment to innovate new ways to help break down physical borders and ease access to new markets for our customers, innovative partnerships have become a critical aspect of delivering these digitally-forward solutions.

“Collaborating with a leading fintech like TransferMate to bring Global Invoice Connect to market is a powerful demonstration of how partnership and collaborative design can result in real value for customers by significantly reducing the costs and complexities associated with managing international receivables.”