TransferMate adds Brazilian real to Global Accounts to expand LATAM payment services
TransferMate, the world’s leading provider of embedded B2B payments infrastructure as a service (IaaS), has today announced it has added the Brazilian Real to its Global Account solution, as it accelerates its global expansion and strengthens its position as a market leader in cross-border payments.
From today, any account opened by a TransferMate client or partner wanting to do business in Brazil will be locally based in the country and come with a unique ID for the Central Bank’s instant payment platform, Pix – allowing businesses to transact seamlessly within Brazil’s local financial system.
TransferMate owns the largest fintech payments infrastructure in the world, providing payments, receivables and stored funds to businesses and partners across the globe. The addition of Brazilian Real to its Global Accounts footprint is of particular significance to TransferMate’s growing APAC-based partners who are actively expanding into the Brazilian market. TransferMate’s APAC based merchants, of which there are currently more than 4 million, will gain immediate access to the largest e-commerce market in Latin America.
Businesses can now open a Brazilian Real account in seconds and hold, pay, and store funds locally in Brazil. By enabling faster, compliant settlements from marketplaces, reducing FX friction, and ensuring seamless access to a challenging but lucrative LATAM market, TransferMate will unlock growth opportunities for its partners in a regulated, safe and secure way while navigating strict currency controls and complex regulations.
“TransferMate continues to expand both our global coverage and product capabilities in response to the evolving needs of our business partners and their clients,” said Gary Conroy, CEO of TransferMate. “We continue to redefine what global payments infrastructure looks like. As we grow our footprint and deepen our capabilities, through our Global Accounts offering and product suite, we’re not just keeping pace with our partners’ ambitions, we’re powering them. This latest addition in Brazil reinforces our position as the embedded B2B partner of choice, strengthening the value we deliver to our clients and their customers around the world.”
TransferMate’s addition of Brazilian Real follows the introduction of Chinese Yuan and Philippine Peso, with more currencies to be added later this year.