Kilkenny-headquartered TransferMate's B2B payments technology will be incorporated into fintech Fyorin's financial operations platform for digital business after the companies agreed a strategic partnership.
Fyorin's customers, largely SME and sole traders, will be able to process receivables and payables across multiple jurisdictions following the integration, and TransferMate will also be positioned as "the partner of choice" for financial institutions in the Fyorin network.
“We are delighted to have TransferMate joining our Fyorin ecosystem,” said Christian Joseph Agius, co-founder and chief operation officer at Fyorin.
“Their unique global payments solution will be a huge asset to Fyorin users; both businesses and financial institutions.
"Fyorin’s solution cuts 90% of the manual workaround within payment operations and through our partnership with TransferMate we will continue supporting businesses in lowering their financial operations costs by maximising the global footprint they have for receivables and payables.”
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Sinead Fitzmaurice, CEO of TransferMate, said: "Our unrivalled licensing and banking networks are setting new standards of security, transparency and speed for B2B cross-border payments.
“We are delighted to be partnering with Fyorin to provide a single global solution for digital-first businesses to execute seamless international transactions with ease, helping them to eliminate friction in the financial processes of international trade by leveraging TransferMate’s extensive global payments network.”
TransferMate operates a cross-border payments network covering 201 countries and 141 currencies that it says is quicker and more secure than traditional banking methods.
With the partnership, the Fyorin ecosystem will also be able to onboard and service businesses across multiple jurisdictions using TransferMate technology.
The latest available accounts for TransferMate Ltd, a subsidiary of co-founder Terry Clune's CluneTech, show the group has partnered with the likes of Wells Fargo Bank, ING, and Alibaba.com.
The company booked a loss of €11.3m in 2020, up from €8.8m the previous year, as it invested heavily in global expansion and added 45 jobs, bringing its headcount to an average of 315 for the year.
Fyrorin provides financial services including dedicated multi-currency IBAN accounts, sub-accounts, and corporate virtual cards to its clients through its ecosystem of banks and non-banking providers such as payroll and accounting solutions.
Fyorin's payments and financial operations platform automates and monetises the movement of money for businesses across different bank accounts, payment methods and currencies.
Clients can connect Fyorin with their preferred accounting platform to automate receivables and payables, and the company also offers expense management tools through its network of financial institutions.
Fyorin, the trading named of Malta-registered PorterPays, does not hold any payment licence but partners with regulated companies that safeguard customers' money.
TransferMate already issues IBANs and digital wallets on behalf of Fyorin, as does Amsterdam-based Currencycloud BV Payment Services, which has a Dutch e-money licence. Fyorin's Mastercard virtual cards are issued by Via Payments UAB.
Photo (l-r): Terry Clune and Sinead Fitzmaurice. (Pic: Barry Cronin)
