February 28, 2022

Currencycloud Spark liberates Wallex’s Asia-Pacific clients to behave like a local across multiple markets.

Background

Singapore-based business-to-business FX and payments solutions provider Wallex was established in 2016 to address the pain points of high exchange rates and transfer fees that its customers incurred when making international payments. Partnering with Currencycloud from the onset has allowed Wallex to provide better exchange rates and better transfer fees through its online platform, so their customers can take their money further. 

The Challenge

Wallex’s Singapore-based customers were having to use regional banks to collect funds in USD, GBP, and Euros, or were requiring international payments to be made into their local accounts. This was a cumbersome, expensive and slow process; incurring high foreign exchange charges, as well as conversion and payment fees for every transaction. 

This friction contrasted with Wallex’s ethos: that of offering bespoke, low-cost payment solutions to its customers. 

Solution

Already a long-term partner of Currencycloud, in Q4 2020, Wallex integrated Currencycloud Spark into its existing platform so they could give their customers the ability to take their cross-border payments to the next level. 

Using Currencycloud Spark, Wallex’s Singapore and Hong Kong-based customers can operate more efficiently, while enjoying significantly reduced international transfer fees. Wallex can now offer its customers the flexibility that Currencycloud Spark delivers; they can choose their preferred payment transfer type: SWIFT and local channels. They can collect and hold 34 currencies inclusive of USD, EUR and GBP via their SWIFT channel, allowing their customers to behave like a local in multiple territories. This boosts Wallex’s customers’ offering, enabling them to expand and be more competitive in overseas markets. 

For example, a Singapore-based business working with a UK, European or US-based supplier can now move currencies seamlessly between these countries as easily as if it were a local transaction  So, if a customer pays in GBP, rather than transfer that money back into Singapore Dollars, they can hold on to it and pay a UK-based supplier in GBP when they need to. They can convert  back to Singapore Dollars when it suits them.

The Currencycloud Spark payment platform allows Wallex’s customers to perform cross-border payments and receive payments into named accounts, which offers their customers unparalleled convenience and an overall excellent user experience. Having named accounts, with paying and receiving capabilities in local currencies is a huge benefit for these customers. Not only that, but before Wallex adopted Currencycloud Spark, the FX and transaction fees would have been taken out of this sum too, making for a dissatisfying and expensive experience. 

Upon integrating Currencycloud Spark, Wallex is more competitive in the market. Offering  its customers the ability to act like a local in multiple territories has proved game-changing for both Wallex and its customers: the number of Wallex transactions has increased ten-fold since the Currencycloud Spark integration.

Because the Currencycloud Spark API works in the background, Wallex is able to own its client relationship, building the customer experience that it wants, and also controlling the pricing strategy. 

Says Hiro Kiga, COO and Co-founder, Wallex, “We’d already worked with Currencycloud and knew how professional they are. With Currencycloud Spark they offered the complete platform with its mature API and rich features that are ideal support for a start-up like Wallex. Their dedicated team made it easy to build the seamless and reliable API integration with Currencycloud’s payment platform.”

“Using Currencycloud Spark is key to our goal of helping businesses in APAC expand their global reach.”

Hiroyuki Kiga COO and Co-founder, Wallex

RESULTS

With Currencycloud Spark, Wallex can offer its customers what they need to expand internationally and be competitive. Wallex now offers a wider range of solutions and choices to their customers that includes multi-currency payout and collections, named accounts and competitive FX rates. As a result, Wallex transactions have increased ten fold.

The benefits to Wallex using Currencycloud Spark:

GROWTH

Since first using Currencycloud Spark in 2019 Wallex’s payment transaction volume has increased 10-fold, with customer onboarding increasing significantly. Wallex has achieved its largest trading volume after adopting Currencycloud Spark. This growth continues. 

SERVICE

Wallex has gone to market quickly with a multi-currency cross-border solution that addressed an existing, ongoing demand of their customers.

VALUE

Wallex is able to offer their customers a lower foreign exchange fee for a wider range of currencies and opened up different countries and markets for its customers. 

CHOICE

Wallex’s customers benefit from seamless, speedy, cross-border payments, conversions and collections via the API. They can hold money in 34 currencies, choose between SWIFT and local channels, and can make cross-border payments and receive payments into named accounts. 

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