TransferMate is a globally regulated B2B payments firm that enables companies to send and receive cross-border payments. TransferMate has built a global portfolio of payment licenses, including in 51 U.S. states and territories, to support trading in 162 countries and 134 currencies. Using TransferMate’s technology and global banking infrastructure, companies benefit from better exchange rates and improved reconciliation via direct integration into accounting and ERP systems.
JAGGAER customers who use TransferMate for international wire transfers can book a payment to lock in a real-time exchange rate, sending the funds to a TransferMate account in their own country or regulatory jurisdiction. TransferMate will then transfer the funds to the beneficiary in the target country. With this process, the buyer avoids payment fees and the suppliers requesting a payment receive payment faster. The system also enables mass outgoing and incoming payments, helping users to avoid the potential financial losses caused by payments in transit.
“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,” said Jim Bureau, CEO of JAGGAER. “That means seamless integration from source to settle.”
“Our current and future joint customers have a common interest in reducing transaction costs and increasing process efficiency,” said Terry Clune, Executive Chairman of TransferMate, a part of the Taxback Group. “We are therefore pleased to integrate our award-winning international payments capabilities with the JAGGAER ONE platform. With this partnership we can deliver significant savings via highly competitive foreign exchange rates and ease the burden of processing transactions on finance teams.”
JAGGAER is the world’s largest independent spend management company, connecting customers to a network of 4 million suppliers in 70 countries, served by offices located in the Americas, APAC, Asia and EMEA. JAGGAER offers end-to-end SaaS-based procurement solutions, including advanced Spend Analytics, Category Management, Supplier Management, Sourcing, Contracts, eProcurement, Invoicing, Supply Chain Management and Inventory Management. These all reside on a single platform, JAGGAER ONE. JAGGAER has pioneered spend solutions for more than two decades and continues to lead the innovation curve by listening to customers and stakeholders in all industry sectors, public services and academia.
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