UK-based Currencycloud is set to test a multi-currency account solution to facilitate cross-border banking and transactions.
Dubbed Currencycloud Spark, the solution will allow the bank’s business customers to receive, store, convert and pay in 35 currencies.
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The solution will enable businesses to set up receivables accounts globally, mitigating the complications in creating bank accounts overseas.
Additionally, it will enable the customers to transfer funds between accounts improving flexibility in payment flows.
Currencycloud CEO Mike Laven said: “Financial institutions have long struggled to help business customers compete on a global scale, relying on a patchwork of banking providers to carry out international transactions, as there was no credible alternative.
“Currencycloud Spark leverages our technology to provide unparalleled access to global payment networks, allowing banks and other payment providers to go to market quickly and focus on expanding their businesses.”
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By GlobalDataOverall, Currencycloud Spark seeks to simplify international payments and reconciliation process helping businesses to trade with foreign entities.
Laven added: “Currencycloud Spark levels the playing field and allows any financial institution to compete in an increasingly inter-connected world.”
Initially, the solution will be tested with select customers with a general roll out planned in the first half of 2020.
Founded in 2012, Currencycloud is designed as an as-a-service platform and provides APIs to developers to build payment solutions.
The company works with banks and fintechs globally and counts Starling Bank and Standard Bank South Africa among its customers.
