TransferMate partners Raindrop Systems on embedded payments

TransferMate has partnered with Raindrop Systems to add payment capabilities to Raindrop's source-to-pay platform, taking TransferMate further into the spend management software market.

Under the arrangement, Raindrop will use TransferMate's API-based infrastructure to enable customers to initiate, manage, and track domestic and cross-border payments within the platform. The setup is designed to connect sourcing, invoicing and payment execution in a single workflow for finance teams.

Raindrop's platform is aimed at the CFO's office and covers sourcing, procurement, invoicing, and spend management. By adding payment execution, Raindrop is seeking to keep customers within one system for more of the spending cycle rather than handing transactions off to banks or separate payment tools.

For TransferMate, the deal extends its reach into source-to-pay and spend management software, where payments can sit alongside procurement and invoice approval processes. TransferMate is regulated in 93 jurisdictions and holds 100 licences across its network.

The integration will begin with TransferMate's payment services embedded directly into Raindrop. Raindrop also plans to add TransferMate's virtual card product when it becomes available, widening the range of payment methods offered through the software.

Another part of the agreement covers Raindrop's existing domestic ACH payment users. Those customers are expected to move to TransferMate's infrastructure over time, while all new payment customers on the platform will use TransferMate from the outset.

The tie-up reflects a broader push by software companies to build payment processing into the operational systems used by finance departments. For providers of procurement and spend software, handling payments within the same platform can provide customers with a single audit trail across supplier selection, invoice processing, and settlement.

It also moves payment providers closer to the point where business users make financial decisions. Instead of operating as separate rails behind banking portals, payment services are increasingly being built into software used for day-to-day financial operations.

Executive comments

Gary Conroy outlined TransferMate's view of the partnership.

"Unified financial operations that remove friction between procurement, invoicing, and payments are crucial for businesses. This partnership with Raindrop reflects the continued evolution of embedded finance within the office of the CFO. By integrating our global payment infrastructure directly into Raindrop's source-to-pay workflows, we are helping customers simplify complex payment operations, strengthen controls, and scale globally through a single connected platform. As we continue to expand our embedded capabilities across key SaaS verticals, partnerships like this reinforce TransferMate's position as the infrastructure provider of choice for modern global payments," said Gary Conroy, President and Chief Commercial Officer, TransferMate.

Raindrop said that adding payment functions is intended to complete the flow from sourcing through settlement in a single environment. It positions its software as an AI-native platform for managing enterprise spend and related workflows.

"Our mission has always been to simplify and modernise the entire source-to-pay lifecycle. Partnering with TransferMate allows us to complete that journey by embedding true global payment capabilities directly into our platform. This gives our customers the ability to manage the entire source-to-pay lifecycle within one connected system, while improving visibility, controls, and operational efficiency across global spend," said Ward Karson, Co-founder and Chief Operating Officer, Raindrop Systems.