B2B Payments Firm TransferMate Lands US Clearance

B2B payments company TransferMate has secured regulatory approval to operate in the U.S., according to a press release issued on Monday (Aug. 7).

Based in Ireland, TransferMate said that upon Britain’s exit from the EU, it will be the only EU payment company that can operate both across Europe and the U.S.  The B2B payments company also announced news of two new additions to its executive team.

Former Realex Payments Managing Director Gary Conroy will join the executive team as chief commercial officer, while former Intuit Director of Global Partnerships Rafael de la Vega has been appointed North American board advisor.

“I am pleased and excited to welcome Gary and Rafael to the TransferMate team,” said TransferMate Co-Founder and Chief Financial Officer Sinéad Fitzmaurice in a statement. “Between them, they have unrivaled knowledge and a wealth of experience in payments industry.”

“With their help, we look forward to achieving and capitalizing on our post-Brexit dominance of the B2B cross-border payments market and to scaling the business to achieve its full global potential, offering our customers the smartest, most efficient solutions for their businesses,” Fitzmaurice added.

Earlier this year, TransferMate announced a partnership with Accuity, a deal that sees Accuity integrating its Bankers Almanac Global Payments File Plus and its Bankers Almanac IBAN Complete offerings into the TransferMate platform. That collaboration aims to automate payments validation for transactions that pass through TransferMate’s treasury platform.

At the time, Fitzmaurice said that the partnership would reduce errors associated with manual data entry, which, in turn, would reduce the instance of delayed or failed payments resulting from inaccurate or invalid transactions. Their partnership also aims to boost security of crossborder B2B payments via Accuity’s compliance and sanctions screening capabilities for multinational enterprises.