TransferMate and Alibaba.com launch cross-border payments solution

By Leandra Monteiro

TransferMate Global Payments, a provider of payments infrastructure as a service, today announced a new collaboration to introduce its cross-border payment experience to sellers and buyers of Alibaba.com, a ecommerce platform for global wholesale trade.

Customers of Alibaba.com can use TransferMate’s platform to receive and make payments, benefitting from preferential FX rates, quick transaction times and no wire transfer fees. TransferMate customers will also be able to access global markets when selling on Alibaba.com, broadening their reach to a wider international customer base.

TransferMate is solving some traditional payment issues the global ecommerce space faces. Businesses that sell globally online deal with buyers all over the world who want to pay in their local currency. Using TransferMate’s platform, ecommerce companies can invoice their customers with a secure link, enabling the customer to easily pay in their home currency and allowing the seller to quickly receive the full amount the same day/next day, incurring no incoming bank transfer fees.

This cross-border solution from TransferMate improves the cash flow of the billing business, which might normally wait days for a payment. TransferMate’s global network of payment licences around the world allows transfers to take place at a faster pace, while also bypassing the traditional correspondent banking system where transfer fees are often taken out of the payment amount and billers receive funds that fall short of the full invoiced amount.

“We are thrilled to offer our payments solution to users of one of the largest platforms for global trade, eradicating traditional cross-border payment challenges for these businesses,” said Sinead Fitzmaurice, CEO of TransferMate Global Payments – a subsidiary of Clune Technology Group. “TransferMate was founded to make international payments easier for businesses that wanted to transact globally, and we could not agree more with Alibaba.com’s mission to make it easier to do business anywhere. Together, we are bringing cutting-edge solutions to companies of all sizes, allowing businesses to expand their global reach.”

Companies buying on Alibaba.com can also take advantage of the TransferMate service, using TransferMate’s online platform to make a payment for their orders. The quick transaction time and eliminated fees leads to happier suppliers, who receive payments in full and on time.