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JAGGAER, TransferMate Join On ‘Source to Settle’

Published: in FINTECH by .

Business could be on the precipice of an automation explosion

Procurement technology company JAGGAER has collaborated with TransferMate to provide offerings from “source to settle,” according to an announcement.

“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,” JAGGAER CEO Jim Bureau said in the announcement.

Clients of JAGGAER who harness TransferMate for cross-border transactions will be able to reserve a real-time exchange rate before transmitting the funds to a TransferMate account in their own nation or jurisdiction, the announcement stated.

TransferMate, in turn, will deliver the money to the recipient in the target nation. The purchaser is able to steer clear of payment charges, while vendors get the payment quicker and safer through this method, according to the announcement.

TransferMate Executive Chairman Terry Clune said in the announcement that existing and future customers of both his company and JAGGAER are both interested in decreasing transaction expenses and bolstering workflow effectiveness.

“With this partnership we can deliver significant savings via highly competitive foreign exchange rates and ease the burden of processing transactions on finance teams,” Clune said in the announcement.

TransferMate lets businesses exchange international payments quicker and simpler than in the past. Software companies, financial technology firms and financial institutions collaborate with TransferMate, according to the announcement.

In December, TransferMate of Ireland announced that it had secured the first of two payment licenses in South America as part of its growth effort. The regulatory green lights in Chile and Brazil came after the company’s success in landing a Mexico license in September.

“TransferMate is one step closer to its strategic plan to create the widest settlement network in our industry,” TransferMate CEO Sinead Fitzmaurice said in a press release at the time.

JAGGAER, for its part, links clients to a collection of 4 million vendors in 70 nations, served by offices located on different continents.



About: The January 2021, Retail Banking Services’ Paradigm Shift Report, PYMNTS examines how consumers choose to engage with their FIs when accessing information about various products and services, especially since the pandemic’s onset.

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