June 11, 2020

TranSwap launches Global Borderless Virtual Account with support of Currencycloud

New account enables SMEs and businesses to manage their global treasury, collect from their customers and pay their suppliers directly

TranSwap, a Singaporean based cross-border payments platform for businesses is partnering with Currencycloud, the leader in providing B2B embedded cross-border solutions, to offer Global Borderless Virtual Account (GBVA) to their customers.

By utilizing Currencycloud Spark, TranSwap’s multi-currency account allows customers to hold 34 currencies, receive and payout funds to anyone. TranSwap, through their GBVA, are now able to offer their customers the ability to collect and hold funds in the US, UK and EU, as well as convert to other currencies.

Developed to ease the lack of transparency and complexity faced by businesses with international payments, the GBVA offering provides customers with the ability to enjoy transparency in fees and foreign exchange rate conversions. Businesses will also be able to manage their cash flows much more smoothly whilst giving them a competitive advantage in their local markets. TranSwap is aiming to onboard 10,000 SMEs by the end of this year.

Nick Cheetham, Chief Revenue Officer, Currencycloud comments: “We exist to enable our clients to create compelling products for their customers. TranSwap is doing exactly that with Currencycloud Spark, which is a real game changer and can really make a difference to businesses. TranSwap’s offering is adding a huge amount of value to their customers and we look forward to helping them to continue their journey in making international payments as seamless as possible.”

Benjamin Wong, CEO and Co-Founder, TranSwap comments: “Currencycloud has been a reliable partner for us here at TranSwap, and their new product Currencycloud Spark, allows us to add a larger breadth of services to all our customers. Our new GBVA service can help businesses, especially SMEs in Singapore and Hong Kong, to expand into new overseas markets.”

The integration of Currencycloud Spark into TranSwap’s offerings will add a great deal of value to corporates and SMEs who are exporting and selling products from Singapore or Hong Kong and need to find a way of collecting funds from overseas, allowing them to hold funds in 34 currencies and send payments to over 180 countries.


PR contacts:
For more information contact: matt.rowntree@currencycloud.com
TranSwap: marion@prcomm.com.sg

About Currencycloud
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.

About TranSwap
TranSwap is a Cross-Border Payments Platform for Businesses which allows users to seamlessly manage and execute payments globally while reducing FX costs and complexity. It offers the most competitive rates through its proprietary online transaction portal and wide network of FX Partners to enable businesses to fulfil payments overseas at the lowest cost efficiently.

In addition to TranSwap’s online transaction portal, cross-border payments provided by TranSwap are also available on the Networked Trade Platform (“NTP”) Value-Added Service (“VAS”) provider listing. As an NTP VAS provider, TranSwap is part of the vibrant trade ecosystem that is the NTP – a Singapore Government initiative. TranSwap offers importers and exporters seeking to make payments internationally a cost-effective and convenient solution.

TranSwap is a safe and secure platform licensed in Singapore, Hong Kong and Indonesia. TranSwap facilitates FX payments in more than 180 countries, and has offices and a network of partners in many countries.


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