BankClarity partners with Moneycorp

Monday 28 November 2022 13:03 CET | News

BankClarity, a provider of banking technology, has tapped Moneycorp’s API integration in order to deliver new access to 120 currencies with live market rates.

This will allow BankClarity’s clients to achieve more competitive foreign exchange and straight-through processing (STP) of cross-border payments.

The partnership is believed to benefit global providers of administration services to international corporations, trusts, and funds.

Clients will leverage Moneycorp’s application programming interface (API) integration to access live market rates, aggregated from 14 Moneycorp partner banks. This will improve BankClarity’s existing suite of banking and foreign exchange (FX) partners.

Moneycorp’s payments API provides building blocks for safer, speedier, and more secure global payments. Moreover, their optimised network minimises payment processing delays and failures, further improving payment services through BankClarity.

BankClarity provides a global Banking Hub as a single interface for all transactional and treasury activity for firms that manage multi-party, multi-banked, cross-border financial transactions.

Moneycorp’a FX Liquidity Management

Moneycorp is a global foreign exchange and payments provider with over GBP 38 billion of trades across 120 currencies. The firm is now targeting crypto exchanges by launching a Foreign Exchange Liquidity Management solution for providers of digital asset exchanges (DAXs).

BankClarity, a provider of banking technology, taps Moneycorp’s API integration to deliver new access to 120 currencies with live market rates.

Moneycorp aims to support the growth of Digital Asset Exchanges. Through Moneycorp’s APIs, these exchanges can access the payment fintech’s FX liquidity powered by 16 different providers. The service is available 24/5, and it allows them to execute global payments with better efficiency.

The FX liquidity management solution provided by Moneycorp sources liquidity from 16 LPs and makes use of its suite of APIs to ensure clients can execute payments anywhere in the world. The aim is to offer ‘operational excellence, agility, and business growth to DAXs providers’, the firm stated.

Moneycorp is a subsidiary of Bridgepoint after being acquired in 2014 for GBP 212 million. The firm then expanded internationally by obtaining Money Service Business licenses across Spain, Romania, and the US. Moneycorp also obtained banking licenses in Brazil and Gibraltar as well as Hong Kong and Canada.

Finding an FX partner

With a plethora of FX providers and new fintechs in the market all offering similar services, it can be challenging for a business to find the right partner that can fulfil their specific FX requirements. Service and efficiency should be at the core of any successful FX relationship.

According to Koen Vanpraet, CEO EMEA at Moneycorp, a partner that can not only look ahead and help anticipate market fluctuations, but also look historically at currency markets and understand the unique requirements of a company will be invaluable in today’s landscape.

Many FX providers also offer services including spot trading, options and hedging to help businesses further minimise losses, and subsequently maintain business relationships. Other tactics could include trading via additional or alternative markets where there is less volatility.Regardless of the route businesses decide to take, ensuring they have a reliable FX partner and detailed plan may be an important asset in times of turbulence.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, banks, API, FX , cross-border payments
Categories: Banking & Fintech
Companies: BankClarity, moneycorp
Countries: World
This article is part of category

Banking & Fintech




Discover all the Company news on BankClarity and other articles related to BankClarity in The Paypers News, Reports, and insights on the payments and fintech industry: