Payments enabler Currencycloud has teamed up with Future FinTech Labs (FTFT Labs) to launch the remittance app Tempo aimed for US immigrants.
Tempo currently serves money transfers to North America (Canada, Mexico), Europe (Italy, Spain, France, Germany, the United Kingdom), India, and the Philippines.
Through the partnership with Currencycloud, FTFT Labs offers its customers a multi-currency wallet reportedly with more advantageous fees than the competition. Among other features present within the app, FTFT Lab’s Conversion Tool offers users users the possibility to buy and trade currencies, while FTFT Labs Funds feature allows users to easily add funds to the digital wallet.
The Tempo app is available to download from the Apple App Store and Google Play.
Currencycloud’s technology is aimed at helping businesses enable money transfers across borders, and transact globally in multiple currencies. Their technology makes it easy for clients to embrace digital wallets, and to embed finance into the core of their business.
Since 2012, Currencycloud has processed more than USD 100 billionn to over 180 countries, working with banks, financial institutions and fintechs around the world, including Starling Bank, Revolut and Lunar. Currencycloud works with partners including Visa, Dwolla, GPS and Mambu to deliver cross-border infrastructure solutions for clients. They are regulated in the UK, Canada, US, the EU and Australia. In December 2021, Visa acquired Currencycloud in a deal worth USD 963 million.
The company is no stranger to boosting remittance processes. In June 2022, Australia-based super app Bano has tapped Currencycloud to launch its FX Converter, augmenting remittances for its users. Its all-inclusive financial super app gives people the ability to split bills with others, make requests for payments, use a physical or digital Bano Visa card, use an overdraft feature, and take advantage of the new stock trading function.
In March 2022, Currencycloud has launched Weekend FX, providing clients with the ability to offer FX rates 24/7. This solution offers Currencycloud clients a competitive fixed FX rate after the markets close on a Friday evening, and this rate will be what clients and their customers settle at on Monday morning when the market opens again. Following a pilot with clients including Swinto, Anna Money and Tuvoli, subject to approval ‘Weekend FX’ is now available to the majority of Currencycloud clients.
Vantage Market Research’s analysis of the global digital remittance market published in May 2022 has revealed that the rising number of cross-border transactions is expediting market growth. Primarily driven by rising accessibility of mobile phones and e-payments, the total global digital remittance market is estimated to reach USD 39.8 Billion by the year 2028.
The global remittance market is valued at a revenue of USD 17.5 Billion in the year 2021 and is projected to grow exhibiting a CAGR of 14.7%.
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