Cross-border B2B payments provider TransferMate announced today that Wells Fargo will use its Global Invoice Connect platform to provide the bank’s U.S.-based commercial banking clients the ability to receive payments in U.S. dollars from their global customers.

TransferMate, founded in 2010, collects funds from customers located in more than 50 countries around the world through a funds transfer in customers’ local currency. The company said its platform reduces business expenses and improves cash flow by streamlining the receivables process and reducing administrative overhead by automatically matching the payment received to the invoiced amount, thereby eliminating manual reconciliation.

“With this relationship, TransferMate and Wells Fargo are leading the charge in reducing the friction between borders for international businesses and those aspiring to expand abroad,” Terry Clune, co-founder and CEO of TransferMate, said in a statement. “Global Invoice Connect is a prime example of two innovative financial services companies coming together to deliver a powerful new payments technology that helps businesses stay ahead of the curve in an increasingly fast-paced world.”

TransferMate said the extent of its network has allowed it to secure competitive exchange rates, limit bank fees and provide faster payment services. Its B2B technology platform easily integrates with a range of enterprise software systems, including the most widely-used cloud accounting platforms, the company said.

Competitors in the cross-border B2B payments space include the expanding New York-based firm Payoneer, the similarly-named TransferWise and GoCardless, which reeled in a $75 million round from Salesforce, Google and others in February.

Judd Holroyde, Head of Global Product Management at Wells Fargo, said in a statement.

“The pace of globalization in the digital economy continues to grow and opens a wide variety of new opportunities for businesses around the world. In our continuing commitment to innovate new ways to help break down physical borders and ease access to new markets for our customers, innovative partnerships have become a critical aspect of delivering these digitally-forward solutions. Collaborating with a leading fintech like TransferMate to bring Global Invoice Connect to market is a powerful demonstration of how partnership and collaborative design can result in real value for customers by significantly reducing the costs and complexities associated with managing international receivables.”

A Reuters report in March said Wells Fargo was struggling to expand its business and institutional client base as business customers are seeking more cash management services, assistance with importing and exporting transactions and asset-backed loans or revolving lines of credit. As a result, revenue in Wells Fargo’s corporate bank, which represents about a third of overall revenue but roughly half of annual profit, dropped 4% in 2018.

More payment companies are prioritizing innovation for business clients. Visa earlier this month announced it is acquiring the cross-border payment company Earthport, which will allow Visa customers to securely send money to businesses, individuals and banks around the globe from their bank accounts in realtime via ACH, putting Visa more on banks’ turf.

ING Group, a strategic partner of TransferMate, invested €21 million ($23 million) in the company for a minority stake in 2018.