Barclays Bank and Irish payments juggernaut TransferMate are working together to deliver an international receivables package that will lower transfer costs for clients conducting business abroad.
As all payments are automatically matched to the invoiced amount, manual reconciliation is eliminated. According to the business, using TransferMate’s payments infrastructure enables international transfers to be handled similarly to domestic payments while traveling through a single integrated network.
According to the company, the service enables institutions to bill foreign students in GBP and receive payment from them in their home currency, doing away with the interchange fee associated with conventional credit card payments.
Read More: Barclays taps TransferMate for international receivables package
