The Paypers

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 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 flexibility in how they manage their international payment flows with their customers.

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.

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.

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 the UK and is regulated in Europe, the US and Canada. Currencycloud works with banks and fintechs globally including Starling Bank, Standard Bank South Africa, Travelex and Brookline Bank, as well as partnering with Visa to deliver innovation in travel payments.

Currencycloud announces the launch of Currencycloud Spark