Currencycloud officials noted that, currently, when traveling abroad or making an international card transaction, cardholders are faced with a complete lack of transparency on what fees they pay and what the exact exchange rate is. The exchange rate that customers ultimately end up paying is not the rate given to them at the point of sale. This partnership will allow issuers to very easily be able to offer similar services to start-ups and existing challenger banks.
Currencycloud offers 85 different APIs across four modules – collect, convert, pay and manage – that cover the entire workflow in B2B cross-border payments. Launched in 2012, Currencycloud is based in London and is regulated in Europe, the US, and Canada.
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