TransferMate’s payments technology has been integrated directly into the WEX system as a result of the alliance. Credit: Gerd Altmann from Pixabay

Fintech service provider WEX has partnered with B2B payments platform TransferMate to offer new capabilities for complex international business payments.

TransferMate’s payments technology has been integrated directly into the WEX system as a result of the alliance, facilitating international transfers for WEX clients.

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The partnership with TransferMate will enable WEX to provide clients domestic, regional and international transfer capabilities with cost, speed and reconcilement benefits.

The collaboration is said to support payment management and reconciliation for accounts teams.

It will help businesses take control of their business spend, including tracking, security and automated reconciliation.

Commenting on the collaboration, WEX president of Corporate Payments Jay Dearborn 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.”

In September 2020, TransferMate secured a payments licence from National Banking and Securities Commission in Mexico.

The licence enables the firm to operate as a money transmitter in the country.

Last year in December, TransferMate received payments licences in Brazil and Chile. These are its first two payments licences in South America.