Release Notes

14th – 25th September

Highlights from our microservices and platform releases 

Features:
 
Area Feature Description
Collections SWIFT VAN allocation All SWIFT VANs (Virtual Account Numbers) can now be automatically assigned to sub-accounts upon account creation.
Fixes:
Area Description
Payments We have fixed an issue we had with delayed payments in local IDR, INR, MYR and PHP.

 


 

4th August – 11th September

Highlights from our microservices and platform releases 

Features:
 
 
Area Feature Description
Collections API Response Field Change

We have standardised the  structure of the `seder` response field for the Get Sender Details endpoint. Previously the field varied depending on how the payment was routed, this is now standardised so that it is the same for all.

field ”sender”:

`{sender.name};{sender.address};{sender.country};{sender.account_number}` or

`{sender.iban};{sender.bic};{sender.routing_code}`

 

Conversions Availability  Non GBP conversions and payments can now be booked for settlement on UK bank holidays.

 

Fixes:
Area Description
Conversions We have fixed an issue we had with Instarem weekend trading.

 


17th July – 30th July

Highlights from our microservices and platform releases 

Features:
 
Area Feature Description
Collections SWIFT Virtual Accounts We are launching SWIFT Virtual accounts.  These accounts provide customers with an IBAN in their own name that can collect funds in 34 currencies. 
Collections Funding Accounts API The Funding Accounts API now returns all virtual account types.  This means that clients no longer need to use the APIs for IBANs and VANs.

 


3rd July – 16th July

Highlights from our microservices and platform releases 

Features:
 
Area Feature Description
Collections Funds Matching

We have migrated CFSB to the latest version of our Funds Matching system.  This means:

• When receiving local USD funds are allocated to the account automatically.
• Local USD credits will be applied to a client’s balance throughout the day, removing the existing 2:30pm ET cut off.

Payments CAD cut off The cut off time for local CAD has been extended to 16:00 UK time.
Payments Local HKD We are in the process of rolling out our new local HKD provider.

 

 


4th June – 2nd July

Highlights from our microservices and platform releases 

Features:
Area Feature Description
ACH Pull Credit Times The T+3 limit on ACH Pull has been increased from $25k to $100k. Payments up to $100k will now credit T+3, rather than T+4.
Direct Balance List Page The Balance List page has been redesigned, making it easier to find and access currency balances as well as ensuring that the page works well across all devices.
Notifications Webhook Ciphers

We have added the ciphers below to the list of ones  we support for our webhooks (push notifications). This reduces the risk of notification failure.

TLS_ECDHE_RSA_WITH_AES_128_GCM_SHA256
TLS_ECDHE_RSA_WITH_AES_256_GCM_SHA384
TLS_DHE_RSA_WITH_AES_128_GCM_SHA256
TLS_DHE_RSA_WITH_AES_256_GCM_SHA384

Payments GBP Routing Local GBP is now routed via a new partner, providing a better customer experience.
Payments SGD Routing SGD is now routed via a new partner, resulting in an improvement from T+2 to T+1.

 

 
 
 
 
Fixes:
Area Description
Direct Users on Currencycloud brand were seeing a 500 error when trying to generate an HMAC key for push notifications. They will now receive a comprehensive error message with instructions on how to proceed.
Direct A number of small enhancements have been made to the Support tickets functionality in Direct, including more informative error messaging where a user doesn’t have the correct permissions to manage tickets.

 


 

 

6th May – 4th June

 

Release Description: Microservice and Platform releases

Area: ACH Pull

Feature: Pull Limits

Description: We have increased ACH Pull limits to 100k per transaction.

Area: Payments

Feature: Local GBP Rollout

Description: Here’s what we are changing and improving

  1. Faster delivery: truly instant payments delivered to the beneficiary in seconds (providing clients have balance on account)
  2. No cutoff: make real-time payments all day
  3. Confirmation of receipt: completed = credited the beneficiary bank account*
  4. NA-friendly processing: operating from 00:00 Monday to 16:30 Friday (UK time) including UK holidays
  5. Automated failed payments: funds credited back to clients instantly on receipt
  6. Improved permitted country coverage: fewer limitations on the payer and beneficiary countries

 

 

 

17th April – 6th May

  • 2 New Features

Release Description: Microservice and Platform releases

Area: Direct

Feature: Support Ticket Self-Service Portal

Description: You can now raise and track all your support tickets in one place, and we can handle your queries much better. Our new Support feature in Currencycloud Direct lets you raise, track and respond to support tickets raised by people across your business.

 

Area: FX & Currencies

Feature: Optimized Liquidity

Description: This enables certain clients to get rates for rarer currencies such as TRY, HKD outside of regular business hours. Prior to this it would take T+1, T+2 or more in order to get the rate once the request had been submitted.

 

27th March – 16th April

Release Highlights Summary: The breakdown of this week’s release highlights are:

  • 1 Fix
  • 2 New Feature(s)/Maintenance item(s)

Release Description: Platform Release

Area: Platform Release (Payments)

Feature: DC Bank Payments Engine Data Changes

Description: Delivery times have been improved from the next day to the same day and we have deposited pre-funding which means out processing times have improved by 1 day.

Area: Platform Release (Payments)

Fix: Payer Details – SGD

Description: Fix to enable the correct fields are returned for SGD payments.

Area: Collections & Receipts

Feature: Automating inbound local EUR

Description: Local EUR funds are allocated to the account automatically within seconds. Credits will be applied to clients’ balance all day, removing existing cut-off.

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27th March – 16th April

Release Highlights Summary: The breakdown of this week’s release highlights are:

  • 1 Fix
  • 2 New Feature(s)/Maintenance item(s)

Release Description: Platform Release

Area: Platform Release (Payments)

Feature: DC Bank Payments Engine Data Changes

Description: Delivery times have been improved from the next day to the same day and we have deposited pre-funding which means out processing times have improved by 1 day.

Area: Platform Release (Payments)

Fix: Payer Details – SGD

Description: Fix to enable the correct fields are returned for SGD payments.

Area: Collections & Receipts

Feature: Automating inbound local EUR

Description: Local EUR funds are allocated to the account automatically within seconds. Credits will be applied to clients’ balance all day, removing existing cut-off.

Feedback:

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27th March – 16th April

Release Highlights Summary: The breakdown of this week’s release highlights are:

  • 1 Fix
  • 2 New Feature(s)/Maintenance item(s)

Release Description: Platform Release

Area: Platform Release (Payments)

Feature: DC Bank Payments Engine Data Changes

Description: Delivery times have been improved from the next day to the same day and we have deposited pre-funding which means out processing times have improved by 1 day.

Area: Platform Release (Payments)

Fix: Payer Details – SGD

Description: Fix to enable the correct fields are returned for SGD payments.

Area: Collections & Receipts

Feature: Automating inbound local EUR

Description: Local EUR funds are allocated to the account automatically within seconds. Credits will be applied to clients’ balance all day, removing existing cut-off.

Feedback:

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13th – 26th March

Release Highlights Summary: The breakdown of this week’s release highlights are:

  • 3 New Features

Release Description: Platform Release

Area: White label

Feature: Create and update Authy application via White Label service UI

Description: This functionality automates the creation of an Authy mobile application and SMS messages in clients’ names, for those clients with a white-labeled version of Currencycloud Direct. This ensures a seamless user experience for your clients when they use 2-factor authentication to log into Direct.

Area: Direct/CRM

Feature: Create scripts to move accounts to optional and mandatory 2FA

Description: This enables the rollout of Two-factor authentication (2FA) to all users of Currencycloud Direct. 2FA is an extra layer of security to make sure someone trying to access their online account is who they say they are. By enabling this as mandatory we are therefore able to provide better security and protection of clients’ data and money.

Area: Payments

Feature: Important changes to local payment routes

Description: Our banking partner for certain local payments routes is making a change in impacting AUD, DKK, EUR, GBP, INR, IDR, MYR, NOK, PHP and SEK local routes.

A tightening in AML regulations and the increasing need to protect from tax evasion means that banks are moving to limit their jurisdictional exposures and as a result, applying new local payment restrictions. This helps preserve other local routes and keeps your funds protected.

What’s changing? 

1. New restrictions to local DKK, EUR, GBP, NOK and SEK payments

If you want to send local DKK, EUR, GBP, NOK or SEK payments where the destination country or the ultimate payer is in one of the following: Andorra, Cayman Islands, Cyprus, Gibraltar, Guernsey, Isle of Man, Jersey, Liechtenstein, Malta, Monaco – you’ll no longer be able to use local payment routes.

These payments will need to be sent via SWIFT where there are greater controls in place among beneficiary banks. This helps to make sure that banks across Europe are taking the necessary steps to minimise AML and tax evasion risks. Using SWIFT also means you’ll benefit from payments arriving at the beneficiary faster, as well as giving you improved tracking information.

We recommend implementing these changes from today as it will help avoid compliance queries and delays to your payments. We’ll be blocking these specific countries relating to the local routes listed from 5pm 30th March 2020 to give you time to make changes to your code or process.

2. Charitable payments

Any payments sent to non-profit organisations, charities and charitable funds/institutions in Australia, Indonesia, India, Malaysia, and Philippines are not supported as local payments. If you want to make these types of payments to organisations in Australia, you’ll now need to send them via SWIFT. If you want to make these types of payments to organisations in India, Indonesia, Malaysia or Philippines, you’ll now need to send them as USD payments via SWIFT.

Feedback:

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28th February – 12th March

Release Highlights Summary: The breakdown of this week’s release highlights are:

  • 1 New Feature
  • 2 Fixes

Release Description: Platform Release

Area: CM (Cash Manager)

Feature: We are releasing the new margin management functionality that our clients have been able to use and test on Demo for a short while now.

What is margin?

Let’s take a step back. When you’re booking a conversion, Currencycloud needs to hold an amount of collateral on balance to minimize risk if this trade doesn’t happen. You need to provide us with collateral so we can hold it on your account.

There are two types of collateral we accept:

Margin: an amount held on your account for any conversions you want to book.

Deposits: linked to specific, individual conversions. The deposit is deducted from the relevant balance at the point of booking the conversion. The remaining ‘sell’ amount of the conversion is debited on the settlement date of the conversion.

Area: FX

We have a couple of fixes in the FX area of the Platform that are going live.

1. Enforcing currency-specific conversion limits for APAC currencies

2. Autocomplete Trading sweeps to Instarem.

Feedback:

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18th – 27th February

Release Highlights Summary: The breakdown of this week’s release highlights are:

  • 3 Fixes

Release Name: Platform Release Area: Collections & Receipts – ACH Pull Issue: ACH Pull file control record has a wrong amount when the pulled amount is less than 1 USD. Fix: We have fixed a bug in ACH pull so that ‘ACH pull’s’ for less than 1$ will still complete correctly.

Release Name: Customer Reporting Area: Collections & Receipts Issue: Sender API consumer – call CRM when the account is not synced. Fix: We have fixed the sender API so that data will not take 10 minutes to sync to it. So you can fund the account and then call the sender API as soon as the transaction appears as pending.

Release Name: Area: FX Issue: Ghost trades on price overrides: Instarem rate-validation workflow. Fix: Fixed On behalf of Trading for Instarem conversions.

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