International receivables refer to the money owed by customers or clients who are based in a foreign country. This can be a challenge for businesses operating on a global scale as the collection process can be complex and time-consuming. It is essential for companies to have a solid understanding of the various regulations, laws, and cultural differences that can impact the process of collecting payments from international customers.
Barclays has partnered with leading B2B payments technology provider, TransferMate, to offer an international receivables solution for UK businesses. Barclay clients who operate with GBP (British Pound Sterling) are now able to invoice their customers in their clients’ currency, spanning more than 60 currencies and 67 countries.
What’s more, clients will receive payment back into their GBP account, in the precise amount that was requested.
More Accurate Receivables
Although reaching global customers offers its fair share of opportunities, itI’s not without its challenges. Typically, cross-border payments that use cross-border wires can be expensive for buyers and sellers. Processing costs can also be substantial for the seller, and there are the constant fluctuations in foreign exchange rates, as well as other hidden fees.
Through this partnership, Barclays and TransferMate will enable cross-border payments to go through a single integrated network, with transfers processed as a domestic payment. This translates into more accurate and cost-effective receivables for all relevant players within the payment chain. This is especially true for Barclay’s clients who operate internationally in GBP.
“This innovative solution can help Barclays customers reduce their transaction costs when receiving international payments, eliminate manual reconciliation, and always know the amount billed will be the amount received,” said Sinead Fitzmaurice, CEO of TransferMate, in a press release. “It’s another great example of how collaboration between banks and fintech’s can improve the customer experience and redefine how money is moved around the world.”
Martin Runow, Global Head of Payments, FX and Digital at Barclays Transaction Bankingalso added:
“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.”