The payment process required for international trade is complex, expensive and high risk for both suppliers and buyers. The partnership with TransferMate removes this friction, creating a transparent, rapid and low-cost solution to paying suppliers anywhere in the world.
Ivalua, a global leader in Cloud Spend Management solutions, announces a partnership with TransferMate, the leader in global B2B payments infrastructure as a service. This strategic relationship strengthens the payments capabilities released by Ivalua earlier in the year, ensuring a seamless source-to-pay journey for customers and enabling frictionless international payments for all suppliers, regardless of where they are located.
Today supplier payments, especially those that facilitate global trade, follow a complex, costly, and time-consuming process that often results in late payments. With global trade volumes expected to grow by 4.7% in 2022*, the financial friction that arises from such transactions weakens links in the supply chain. This partnership will simplify payment processes by offering next-day payments to any supplier, regardless of their location. With this, businesses can unlock new opportunities and innovations by finally closing the cash gap between procurement and suppliers. By paying suppliers on-time, procurement teams can use payments to build strong, reliable, and performance-driven supply chains.
Ivalua Payments enables much needed collaboration, automation, transparency, and speed to an often inefficient and costly process. By bringing Procurement and Finance together, customers will be able to trade goods and services at the best price and guarantee on-time (or early) payment in a secure, efficient, and cost-effective manner. Not only does this improve supplier liquidity and support their financial health, but it also strengthens the relationship to create robust links in the global supply chain.
“Having the complete source-to-pay journey within the Ivalua Platform will help our customers build stronger, reliable supplier relationships,” said David Khuat-Duy, Founder and CEO of Ivalua. “Our partnership with TransferMate will help to simplify and streamline complex, costly payment processes, but also bridge the gap between procurement and finance processes,” concludes David.
“Our unrivaled licensing and banking networks are setting new standards of security, transparency and speed for B2B cross-border payments,” said Sinead Fitzmaurice, CEO of TransferMate Global Payments – a subsidiary of the Clune Tech Group. “We are delighted to be partnering with Ivalua to complete the advanced capabilities of their pioneering new payments platform, helping them to eliminate the friction inherent in the financial processes of international trade.”
*According to the World Trade Organization, October 5, 2021