Currencycloud today announces the launch of Currencycloud Spark, a solution enabling banks and Fintechs to provide multi-currency accounts to their business customers to collect, store, convert and pay in more than 35 currencies. Currencycloud Spark will enable businesses to realise their global ambitions faster than they ever dared dream.
Setting up bank accounts in foreign countries is a complicated and expensive process and far beyond the means of many businesses. With Currencycloud Spark, companies will be able to easily create receivables accounts around the world, manage multiple currencies, and instantly move money between accounts, meaning financial institutions such as banks and Fintechs can provide business customers with total flexibility in how they manage their international payment flows with their customers.
“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,” said Mike Laven, CEO of Currencycloud. “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.
“Currencycloud Spark levels the playing field and allows any financial institution to compete in an increasingly inter-connected world.”
Currencycloud Spark will provide a seamless reconciliation process, a competitive FX rate and increased visibility of the entire payments process, helping financial institutions to support thousands of businesses to trade internationally with confidence.
Currencycloud Spark will be tested with select customers initially and will be rolled out to new and existing customers in the first half of 2020.
Matt Rowntree / Ariane Gaetani: [email protected]
Why have we named our exciting new product Currencycloud Spark?
Could you survive without electricity? Doubtful in this day and age. Imagine a world without lights, access to the internet, heating in the winter …. you get the picture. The discovery and understanding of electricity has massively changed our lives. Electricity was nothing more than an intellectual curiosity for millennia until, in the 18th century, Benjamin Franklin famously attached a metal key to the bottom of a kite and flew it in a stormy sky, discovering electricity and providing a gateway to what we have come to take for granted today. The electric spark is central to almost everything we do, energizing our lives. Currencycloud Spark is our new receivables and payments product. Similar to how electricity is fundamental to the way the modern world works, Currencycloud Spark is fundamental to helping you to do business globally, lighting your way to success.
Currencycloud’s technology is unlocking the global economy for payment platforms of the future. Today, Currencycloud has 85 different APIs across four modules – collect, convert, pay and manage – that cover the entire workflow in B2B cross-border payments. The as-a-service platform is proprietary and is fully cloud-based on AWS using Restful APIs. Launched in 2012, Currencycloud is based in London and is regulated in Europe, the U.S. and Canada, and has processed more than $50bn to over 180 countries. Currencycloud works with banks and Fintechs globally including Starling Bank, Standard Bank South Africa and Brookline Bank, as well as partnering with Visa to deliver innovation in travel payments