JAGGAER, the world’s leading independent spend management company, has teamed up with TransferMate to extend its integrated solutions from “source to pay” to “source to settle”.
TransferMate is an award-winning, globally regulated B2B payments firm that enables companies to send and receive cross-border payments faster and more easily than ever before. TransferMate has built one of the largest portfolios of payment licenses worldwide, including in 51 U.S. states and territories, to support trading in 162 countries and 134 currencies. Leading banks, FinTechs and software providers partner with TransferMate to offer an enhanced user experience for their business customers. Using TransferMate’s technology and global banking infrastructure, companies benefit from better exchange rates, greater transparency and improved reconciliation via direct integration into accounting and ERP systems.
JAGGAER customers who use TransferMate for international wire transfers will simply book a payment, locking in a real-time exchange rate and lodging sending the funds to a TransferMate account in their own country or regulatory jurisdiction. TransferMate will then transfer the funds to the beneficiary in the target country. With this process, the buyer avoids payment fees and the suppliers requesting a payment receive payment faster and more securely. The system also enables mass outgoing and incoming payments, helping users to avoid the potential financial losses caused by payments in transit, which can take days.
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“Thanks to this agreement we can now offer JAGGAER customers and their suppliers improved tracking, reconciliation and speed of processing or receiving cross-border transactions in 134 currencies,” said JAGGAER CEO Jim Bureau. “That means seamless integration from source to settle.”
“Our current and future joint customers have a common interest in reducing transaction costs and increasing process efficiency,” said Terry Clune, Executive Chairman of TransferMate, a part of the Taxback Group. “We are therefore pleased to integrate our award-winning international payments capabilities with the JAGGAER ONE platform. With this partnership we can deliver significant savings via highly competitive foreign exchange rates and ease the burden of processing transactions on finance teams.”
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