Ivalua Partners with TransferMate to Eliminate Financial Frictions of Cross-Border Trade
The payment process required for international trade is complex, costly and high risk for suppliers and buyers. Partnering with TransferMate eliminates this friction, creating a seamless, fast, and inexpensive solution to paying vendors anywhere in the world.
REDWOOD CITY, California, 25 October 2021 / PRNewswire / – Ivalua, a global leader in Spend management in the cloud solutions, announce a partnership with TransferMate, the global leader in B2B payment infrastructure as a service. This strategic relationship strengthens the Payments features released by Ivalua earlier this year, ensuring a seamless source-to-pay journey for customers and enabling frictionless international payments for all vendors, regardless of location.
Payments from suppliers today, especially those that facilitate global trade, go through a complex, expensive and time-consuming process that often results in late payments. With an expected growth in global trade volumes of 4.7% in 2022 *, the financial frictions resulting from such transactions weaken the links in the supply chain. This partnership will simplify the payment process by offering next day payments to any vendor, regardless of their location. With this, companies can unlock new opportunities and innovations by finally closing the cash gap between purchasing and suppliers. By paying suppliers on time, procurement teams can use payments to build strong, reliable, and performance-driven supply chains.
Ivalua Payments enables the collaboration, automation, transparency and speed required for an often inefficient and expensive process. By bringing together purchasing and finance, customers will be able to exchange 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, it also strengthens the relationship to build strong links in the global supply chain.
“Having the complete source to payment journey within the Ivalua platform will help our customers build stronger and more reliable supplier relationships,” said David Khuat-Duy, founder and CEO of Ivalua. “Our partnership with TransferMate will help simplify and streamline complex and costly payment processes, but also bridge the gap between procurement and financing,” concludes David.
“Our unparalleled banking and licensing networks set 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 partner with Ivalua to complement the advanced capabilities of their pioneering new payment platform, helping them remove 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 spot exchange rates, in the same automated workflow. With a fully secure and interconnected B2B payment experience, not only are supplier demands reduced, removing ERP overhead, purchasing turns cash flow into a tool that adds to bottom line savings. A victory, a victory for the Purchasing and Finance teams, as well as a huge boost for the growth and recovery of global companies.
Ivalua is a leading provider of cloud-based expense management solutions. Our comprehensive, unified platform enables businesses to efficiently manage all expense categories and vendors, increasing profitability, reducing risk, and improving employee productivity. Recognized by hundreds of the world’s most admired brands and recognized as a leader by Gartner and other analysts, Ivalua maintains the best customer retention rate of 98% and above.
Learn more about www.valuua.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 payment infrastructure as a service, enabling businesses 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 payment licensing portfolios in the world, including 51 U.S. states and territories, to support commerce in more than 200 countries and jurisdictions.
Leading banks, fintechs and software vendors are partnering with TransferMate to deliver an enhanced user experience to their business customers. The company has created bespoke integrations for banks like ING and AIB, which are also investors in the company. The TransferMate API solution enables partners to digitize the payment flow within their software, saving all businesses significant time and money.
Lumina Communications for Ivalua
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