Clearshift was born in the wake of the 2008 financial crisis and the resulting disillusionment over a lack of transparency in financial markets.
It was founded on a two-fold belief that firstly, hiding fees in flexible market spreads is a business model that is outdated and unfair. And secondly, that customers should always know exactly how much they will be charged for a financial transaction. Clearshift offers simplified B2B foreign currency payments that are quick and painless to process with a clearly disclosed and set low true cost.
Since launching in 2012, Clearshift has worked with SMEs, non-profits and asset managers, facilitating thousands of safe and simple foreign currency transactions valued at over US$1.5 billion.
Clearshift is an ambitious company, with ambitious customers, so needed a payments provider with liquidity and conversions in a number of different countries and territories to support clients’ growth.
With many clients making payments online in EUR for their customers, there was a real need for better rates and capabilities within the Eurozone as we were unable to receive domestic EUR payments. Without a local clearing account to collect funds in the European Union, this was a challenge. Further, there was also a desire from our partners to simplify their payments from within the US market.
One platform, multiple countries
With a simple set-up and onboarding process, Clearshift was able to access Currencycloud Payment Platform to make cross-border payments to multiple countries. As a result, sending money to bank accounts anywhere in the world has become a seamless process, saving Clearshift’s customers time and resource.
Boosting capabilities through Global Collections
By integrating Currencycloud’s global collections product into its platform, Clearshift was able to move its US payers to using virtual account numbers, instead of sending to a general clearing account, boosting the overall customer experience and enabling straight-through-processing for inbound funds. And within the Eurozone, Global Collections allows Clearshift to open SEPA payments of EUR, a whole new opportunity for the company and its customers.
Reducing manual tasks through automation
Currencycloud’s payment platform made straight-through processing of deposits from Clearshift’s customers possible. Manual entry and reconciliation were also greatly reduced as many processes, including integration with its ERP, were automated. As a result, resource-heavy but reward-light tasks were heavily reduced.
Since working with Currencycloud, Clearshift has transformed its payments infrastructure, adding extra value to its customer offering with quicker, simpler conversions, collections and access to FX rates. The whole payments ecosystem has been added to and refined, with Clearshift’s customer experience front and centre.
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