Terry Clune, co-founder and CEO of Transfermate
Irish fintech company TransferMate signs deal offering ‘seamless payments ability to US commercial banking customers’
TransferMate, headquartered in Kilkenny, has announced a deal with US bank Wells Fargo to exclusively handle all inbound payments into the US from overseas. To facilitate the deal the company will add a team of 25 people in New York and North Carolina as well as an additional 25 people to the team in Kilkenny to manage the partnership.
Terry Clune, co-founder and CEO of TransferMate, 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.
Global Invoice Connect is a prime example of two innovative financial services companies coming together to deliver a powerful new payments technology that helps businesses stay ahead of the curve in an increasingly fast-paced world.
Clune said that the global payments market was worth $240 trillion (€215 trillion) annually. The company has been actively growing internationally, and has obtained licences worldwide, including for every state in the US – which involves a undertaking a different process for each. The deal will
We went through a two-year due diligence process with Wells Fargo and we are the only fintech company they have chosen to administer their inward payments globally. For other banks, that vetting and compliance that we have gone through makes us a much easier choice.
Speaking about the deal, Judd Holroyde, Head of Global Product Management at Wells Fargo said: “The pace of globalization in the digital economy continues to grow and 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.”