According to the press release, the European Central Bank reported that banks across Europe earn hundreds of millions of Euros a year from overcharging small corporate customers for foreign exchange services. In some cases those rates can be 25 times higher than for bigger, more sophisticated customers.
Therefore, the partnership has been developed to give Tribe Payments partners access to real-time, wholesale FX rates. Tribe Payments will also be looking to offer unique, named virtual accounts in 35 currencies, enabling the ability to receive, store funds, and make payments to almost anywhere in the world through Currencycloud Spark.
Overall, through a pre-integrated solution with Tribe Payments the process of offering comprehensive banking services will be far more efficient and straightforward. Currencycloud and Tribe Payments will continue to evolve the partnership and the integration on FX will be available in Q4.
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