Help your business unlock international trade. Have an invoice raised in GBP and take payment in USD without lifting a finger.
Be bold with your cross border transactions
Currencycloud Spark integrates international and local clearing into your payments and FX platform, enabling you to build the international banking experience your customers deserve. Unlike other banking service providers, Spark works in the background while you own the customer relationship and user experience. Turn international receivables and payments into a revenue opportunity; not a cost centre.
Spark features at a glance
A trusted enterprise platform that will get you to market quickly via our cloud-native, API-driven technology.
Named Customer Accounts
Unique multi-currency accounts in your customer’s name. Receive, convert and payout funds — from anyone, to anyone.
Flexible Receivables and Payments
Receive and send funds in 32+ currencies via SWIFT and send funds in up to 18 currencies local currencies.
Reduce Costs Through Automation
All funds are automatically screened and reconciled removing manual processes, saving time and money.
Control the Experience
You own the relationship, experience and pricing. Our technology works seamlessly in the background.
Benefits of Using Spark
Easily create multi-currency accounts around the world giving your customers total flexibility in how they manage their international payment flows with their customers.
Go global, grow fast
Your customers’ global trading is skyrocketing. Everyone is now expecting the same level of service when it comes to both domestic and international transactions. Unlock cross border payments for your customers, enabling them to receive, convert and payout funds in over 35+ currencies. All transactions take place using unique account details,ensuring fast and secure growth for your business.
Delight your customers
Your customers are used to a great experience when it comes to domestic transactions, so why not international? With Spark, your customers can receive and payout funds in different currencies using unique account details in their own name. Payment fees and rates are clear and transparent so your customers always know what to expect.
Easy, secure integration
One integration for clearing, FX, and payments. It’s easy to add Currencycloud Spark into your current platform or systems via our APIs or Currencycloud Direct. All funds are automatically screened and reconciled — no more manual processes that take days, helping to remove cost and errors.
How it works
Let’s take a look at a typical use case. Your client is based in the US, selling goods and services to customers in the UK.
1. Raise an invoice
Your client wants to invoice their customer in Dollars (USD), but their customer wants to pay in Pounds (GBP).
2. Get a named account
You provide your client with a unique, named GBP account via Currencycloud.
3. Send account details
Your client passes these account details to their customer, who pays GBP into your clients unique GBP account.
4. Receive a payment
Within hours, the payment is received, converted into USD and your client receives a payment from Currencycloud in Dollars.
5. Easy reconciliation
The balance reconciles with the invoice and it’s a win-win for everyone!
Currencycloud Spark allows Fintechs and Financial Institutions to easily create accounts for their customers to receive, pay-out, and move multiple currencies at their convenience. With a unique international bank account number (IBAN) issuable in 33 currencies, your customers get one multi-currency wallet in their own name.
Given Starling Bank and Currencycloud’s long relationship, it’s no surprise that Starling was an early beneficiary of Spark. As part of the pilot programme, Starling has been offering business customers the opportunity to hold both USD and GBP accounts.
Within a few weeks, Remitr has already delighted customers with predictable cash-flow and control over receivables. Remitr’s GBA empowers small businesses to get paid in multiple currencies without paying exorbitant bank fees or overseas bank accounts. One of their newest customers has already saved upwards of $1400 in less than two months of using GBA.
The Singapore-based cross-border payments platform for businesses launched its Global Borderless Virtual Account (GBVA) in June 2020. By utilizing Currencycloud Spark, TranSwap’s multi-currency account allows customers to hold 34 currencies, receive and pay-out funds to anyone in the US, UK, EU, as well as convert currencies. Since launch, GBVA has seen unprecedented interest from TranSwap’s customers. They are targeting to onboard 10,000 of customers in the next few months.
Money Mover customer feedback indicated that there was a real need for the capability to receive payments into named accounts. Currencycloud Spark fills the gap in their offering with a sophisticated, easy-to-use suite of tools. The multi-currency IBAN solution (where a single IBAN can be used to collect payments in any currency) has been well received by Money Mover customers.
Add Spark to your cross-border solution
Build the international banking experience your customers deserve via one easy to use platform