Barclays and B2B payments tech company TransferMate have announed a new partnership to provide a new international receivables tool for the British companies.
Barclays' British business customers operating in GBP will now be able to invoice customers in their clients’ local currency in over 60 currencies and across 67 countries.
Users will receive the payment back into their GBP account at the exact amount requested with manual reconciliation eliminated, said the bank.
The new tool has already been piloted with the bank’s higher education customers, with institutions now able to invoice international students in GBP and the students able to pay in their local currency.
Barclays said the tool uses technology that allows cross-border payments to travel through a single integrated network, with "transfers processed like a domestic payment".
“From manufacturing and leisure to education and healthcare, our partnership with TransferMate will enable clients from numerous industries to offer a new payment method to their customers whilst achieving reconciliation benefits and reduced banking fees for their businesses,” said Martin Runow, global head of payments, FX and digital at Barclays Transaction Banking. “This solution is a significant step forward for any business that trades internationally and invoices in GBP – particularly in the consumer to business space.”
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