New Barclays tool lets UK businesses invoice in local currencies

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.”

    Share Story:

Recent Stories


Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.

Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.

Click here to read the 2023 State of the Phish report from Proofpoint.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.

Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.