xpate, getting to launch and fully compliant in record time

Background

xpate’s mission is to make growth simpler for businesses by making the flow of money in every transaction as efficient as possible. Today, xpate’s speedy onboarding and ecommerce payments integration makes it easy for ecommerce businesses to set up and start accepting payments, with the added assurance that they are in compliance with financial sector requirements.

However, when xpate started its launch journey, it found that to provide seamless onboarding to its ecommerce and SMB clients, they required several partnerships, and to perform several integrations within a tight timeframe. This would prove costly and take up considerable resources.

xpate also needed a partner for domestic UK and EUR accounts, who could facilitate international payments and offer cost-effective FX.

Seeing both these as significant sticking points to its successful launch, xpate sought a partner who could safely expedite the process and get it to launch quickly.

Solution

After researching several possible partners, in February 2023 xpate found Currencycloud had the full functionality it needed for its product launch, and just as importantly, for future product offerings.

Currencycloud’s suite of solutions, available from a single API integration, combined with its flexibility and scalability, made it the best fit for xpate’s mission to serve its diverse clients efficiently. Currencycloud reflected xpate’s commitment to utilizing technology that not only addresses the current needs of its clients but also anticipates their future growth and complexities.

Currencycloud provided xpate with local GBP and Euro (EUR) accounts and an FX solution which gave xpate access to competitive rates. After the initial project scope, xpate saw that the ability to receive and send funds in more than 32 currencies via SWIFT and local payments routes would enable xpate to give its clients access to truly global trade capabilities. xpate found that ability also helped them compete in the SME banking space in the UK and the EU.

With Currencycloud’s solutions, xpate could deliver complete account, currency and payment coverage to its clients. This enabled their clients to collect multi-currency funds, convert or pay funds globally.

A speedy onboarding process

xpate were focused on a speedy and efficient onboarding process with Currencycloud so that the new partnership could be in place for its May 2023 launch. With mutual goals and a clear set of objectives, xpate was able to onboard to Currencycloud within a few weeks.

This was made possible because of:

• Clear goals and deadlines: right from the start, xpate and Currencycloud were in alignment about what needed to be done and the target timeline. This clear direction helped make the entire process smoother and faster.
• Focused approach: with a well-defined scope of services, xpate could pinpoint exactly what resources and technologies were needed. This focus meant no time was wasted on unnecessary tasks.
• Smart project management: through strong project management, xpate were able to keep the project moving smoothly. Regular updates and quick problem-solving kept delays at bay.
• Quick decisions: knowing the importance of the project, everyone involved made decisions quickly. This responsiveness kept the momentum going.
• Using what works: xpate smartly used existing technologies that could be easily adapted; saving considerable development time.
• Dedicated teamwork: having a team dedicated to the project meant that any issues could be quickly addressed, ensuring a seamless process.

Currencycloud, a partnership that makes sense

Given xpate’s diverse client base, from SMBs to platforms with intricate financial structures, scalability was crucial. Currencycloud’s platform is designed to scale, accommodating the more complex financial transactions as xpate’s clients expand.

Operating in the financial sector requires strict adherence to regulatory requirements and high standards of security. Currencycloud’s commitment to regulatory compliance and its robust security measures helped provide the assurance xpate needed to manage cross-border payments safely and legally.

Currencycloud’s global network and local support capabilities ensure that xpate can offer its clients access to a wide range of currencies and local payment methods, which are crucial for businesses operating in multiple markets.

Results

Empowering its clients with a smooth transaction experience.

Today xpate have a payment solution for every micro, small and medium sized merchant in the UK and Europe. They are fulfilling its mission of helping small online businesses grow or start trading – providing a combination of multi-currency online payment methods and instant settlements within xpate.

xpate’s SMB clients engaged in cross-border transactions within the EU and beyond benefit from the integrated financial services provided by xpate, which help optimize their international payment processes and reduce transaction costs. Simply put – money stays in the SMBs’ pocket, helping them invest back into what matters most – their business.

xpate’s online platform and digital marketplace clients operate in a dynamic environment with multiple vendors and customers (such as a broad segment of digital platforms), so financial transactions must proceed seamlessly. xpate facilitates this by efficiently managing complex financial flows, while remaining invisible to the user. This efficiency allows platforms and marketplaces to provide an exceptional user experience; focusing on their core offerings without the added burden of financial complexities.

Savings on FX

Currencycloud’s FX services enable xpate to offer SMB clients access to competitive exchange rates. Both xpate and its clients benefit from competitive cross-border transactions, resulting in significant savings over time.

Real-time FX conversion

With real-time foreign exchange conversion, xpate can capitalize on competitive rates as they happen. This agility in managing currency conversions enhances xpate’s clients’ cash flow management, allowing them to make the most of their international payments and receipts.