TransferMate, Tradeshift team up for cross-border B2B payments

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As the cross-border B2B payments segment drives new activity among partners and investors, TransferMate has teamed up with Tradeshift, a startup specializing in payments within the supply-chain marketplace.

TransferMate, whose investors include ING and European bank AIB, is connecting with Tradeshift to automate global same-day foreign currency payments for commercial buyers and sellers, the companies said in a Thursday press release.

Tradeshift enables buyers and suppliers in 190 countries to digitize their trade transactions and connect with any supply-chain app, and TransferMate’s integrated payments platform enables importers and exporters in more than 162 countries to send and collect funds globally, according to the release.

Together the partners have a connection to every commercial market in the world with a cross-border B2B service emphasizing speed, accuracy and security at competitive rates, the release said.

“TransferMate’s software platform, together with one of the widest portfolios of regulated payment license across the globe, makes them an ideal application partner,” said Christian Lanng, Tradeshift’s CEO, said in the release. Tradeshift launched in San Francisco in 2009.

Dublin-based TransferMate launched in 2010. In July 2018 ING Group NV invested $25 million in the company, and late last year TransferMate purchased a Swiss foreign-exchange firm to expand its geographic reach.

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Cross border payments B-to-B payments