Lightnet Teams With TransferMate to Streamline B2B Global Payments

Singapore-based payment solutions provider Lightnet partnered with B2B global payments infrastructure-as-a-service provider TransferMate.

Lightnet will integrate TransferMate’s global payments network within its platform, enabling Lightnet to expand its services to a wider client base, the companies said in a Monday (Dec. 11) press release.

These new capabilities will allow Lightnet’s customers to establish virtual bank accounts in the United States, Canada, the United Kingdom and Europe, according to the release. These customers can then access local banking rails and better manage both domestic and international payables and receivables.

For example, traditional trading companies engaged in import/export activities will gain rapid, secure options for executing payments to suppliers and contractors, the release said.

“We aim to enhance our customer experience and remove transaction barriers,” Tridbodi Arunanondchai, vice chairman and group CEO at Lightnet, said in the release. “This partnership is a positive step in achieving these objectives.”

The payments network of TransferMate, a subsidiary of CluneTech, allows businesses and individuals to make cross-border payments as easily as domestic funds transfers, according to the press release.

The network supports trade in more than 200 countries, across more than 400 currencies, and provides transparency of the transaction through to the point of final reconciliation, the release said.

“Plugging into TransferMate’s infrastructure saves our partners millions of dollars in terms of time and cost that would be spent acquiring their own licenses and building rails into multiple countries,” Vijay Rao, head of APAC at TransferMate, said in the release. “We want to bring down barriers to international trade, reduce costs and increase efficiencies for businesses around the world, and this partnership is a major step toward achieving that goal.”

Because TransferMate is regulated in every state in the U.S., across Europe and all major economies, the company can bypass the infrastructure that banks need to move money worldwide, Terry Clune, founder and chairman of TransferMate, told PYMNTS in an interview posted in June 2022.

This capability enables TransferMate to cut out a lot of the usual hurdles that impede the smooth flow of payment transactions, Clune said.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.