Monday 23 October 2017

Clune eyes deal with US banks on transfers

Businessman Terry Clune
Businessman Terry Clune

Fearghal O'Connor

Businessman Terry Clune is in negotiations with a number of major US banks about a new product that could revolutionise the international money-transfer market.

TransferMate, a subsidiary of Clune's Taxback Group, has already transferred more than €10bn for a range of large corporate and university clients since it was set up five years ago, he told the Sunday Independent.

It has just invested €20m in securing global licences around the world and in every US state, as well as in technology to establish a new payment product aimed at major corporate clients.

The new service will cut out expensive interbank transfers by using TransferMate bank accounts in each country.

Clune financed the investment from his own resources and has ruled out any need for a flotation or other equity raising by the Taxback Group. The companies that make up the group are growing at, on average, 25pc to 35pc per annum.

TransferMate, co-founded by former PwC employee Sinead Fitzmaurice, is currently partnering with a range of international banks.

The new partnerships with the rapidly-growing Irish company will cut the cost of international payments for customers, make often lengthy transactions instant and provide banks with a new revenue stream, he said.

"There's two schools of thought in fintech, one is to be a total disrupter, the other is to partner," said Clune. "We're in early-stage partnership talks with banks around the world, including one significant domestic Irish bank, several in the UK and three top 20 US banks."

Sunday Indo Business

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