The payment process required for international trade is complex, expensive and high risk for both suppliers and buyers. The partnership with TransferMate removes this friction, creating a transparent, rapid and low-cost solution to paying suppliers anywhere in the world.
REDWOOD CITY, Calif., Oct. 25, 2021 /PRNewswire/ -- Ivalua, a global leader in Cloud Spend Management solutions, announces a partnership with TransferMate, the leader in global B2B payments infrastructure as a service. This strategic relationship strengthens the payments capabilities released by Ivalua earlier in the year, ensuring a seamless source-to-pay journey for customers and enabling frictionless international payments for all suppliers, regardless of where they are located.
Today supplier payments, especially those that facilitate global trade, follow a complex, costly, and time-consuming process that often results in late payments. With global trade volumes expected to grow by 4.7% in 2022*, the financial friction that arises from such transactions weakens links in the supply chain. This partnership will simplify payment processes by offering next-day payments to any supplier, regardless of their location. With this, businesses can unlock new opportunities and innovations by finally closing the cash gap between procurement and suppliers. By paying suppliers on-time, procurement teams can use payments to build strong, reliable, and performance-driven supply chains.
Ivalua Payments enables much needed collaboration, automation, transparency, and speed to an often inefficient and costly process. By bringing Procurement and Finance together, customers will be able to trade goods and services at the best price and guarantee on-time (or early) payment in a secure, efficient, and cost-effective manner. Not only does this improve supplier liquidity and support their financial health, but it also strengthens the relationship to create robust links in the global supply chain.
"Having the complete source-to-pay journey within the Ivalua Platform will help our customers build stronger, reliable supplier relationships," said David Khuat-Duy, Founder and CEO of Ivalua. "Our partnership with TransferMate will help to simplify and streamline complex, costly payment processes, but also bridge the gap between procurement and finance processes," concludes David.
"Our unrivaled licensing and banking networks are setting new standards of security, transparency and speed for B2B cross-border payments," said Sinead Fitzmaurice, CEO of TransferMate Global Payments – a subsidiary of the Clune Tech Group. "We are delighted to be partnering with Ivalua to complete the advanced capabilities of their pioneering new payments platform, helping them to eliminate the friction inherent in the financial processes of international trade."
*) According to the World Trade Organization, October 5, 2021
Notes to Editors
Ivalua's solution enables international and domestic next-day payments in hundreds of countries and currencies, including real-time FX spot rates, within the same automated workflow. With a totally secure and interconnected B2B payments experience, not only are supplier inquiries reduced, by removing the ERP overhead, procurement turns cashflow into a tool that adds to bottom-line savings. A win, win for Procurement and Finance teams plus a massive boost for global business growth and recovery.
Ivalua is a leading provider of cloud-based Spend Management solutions. Our complete, unified platform empowers businesses to effectively manage all categories of spend and all suppliers, increasing profitability, lowering risk and improving employee productivity. Trusted by hundreds of the world's most admired brands and recognised as a leader by Gartner and other analysts, Ivalua maintains the industry's leading 98%+ customer retention rate.
Learn more at www.ivalua.com.
About TransferMate Global Payments
TransferMate — a subsidiary of the Clune Tech Group founded by Terry Clune — is the world's leading provider of B2B payments infrastructure as a service, enabling companies to send and receive cross-border payments faster, easier and at lower cost. TransferMate, under the leadership of Clune and CEO Sinead Fitzmaurice, has built one of the largest portfolios of payments licences worldwide, including in 51 US states and territories, to support trading in more than 200 countries and jurisdictions.
Leading banks, fintechs and software providers partner with TransferMate to offer an enhanced user experience for their business customers. The company has created bespoke integrations for banks like ING and AIB, who are also investors in the company. The TransferMate API solution allows partners to digitalise the payments flow within their software, enabling all businesses to achieve significant time and financial savings.
Lumina Communications for Ivalua
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