Second Act Capital Partners, a bank and fintech advisory firm, and World Currency USA, a payments technology company, have teamed on bank-focused payments initiative.
Through this partnership, the companies intend to assist banks in implementing next generation payment services for their customers.
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World Currency USA’s platform enables banks to offer inexpensive cross-border payments to both retail and commercial customers while greatly automating the compliance process.
Second Act Capital said the platform will provide connectivity to the Federal Reserve’s payment system to transmit domestic and foreign US dollar payments at a fraction of current cost.
The platform will also allow banks to offer their customers payments convenience along with far better pricing, and earn reliable fee income, without exposing their client relationships to a third party.
Second Act Capital guided World Currency USA in addressing the regulatory and operational issues important to banks, and is assisting the company in rolling out the technology.
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By GlobalDataRaymond Chandonnet, founder of Second Act Capital Partners, said: "Most FinTech players, especially in foreign payments, were launched with the intention of attacking the banks and poaching their customers. We’re now seeing those companies reverse course and seek to collaborate with banks to access their customers.
"World Currency USA was founded by bankers, for bankers – which we believe makes them a better and more trustworthy partner."
World Currency USA CEO Michael Ruccolo said partnering with Second Act Capital sends a signal that World Currency USA is serious about being a partner to its bank clients.
"Second Act’s principals have been fierce defenders of the banking industry and have exceptional credibility and history of delivering sound strategy to banks. They’ve helped us design our product to meet the demands of regulated banks, and we believe their stamp of approval after performing diligence on competing platforms can be a difference-maker for our bank clients and for us."
