Through the multi-currency accounts receivable offering, banks and other payments companies can allow customers to receive payments across borders without exorbitant fees and friction.
In todays economy, companies must engage in global commerce to compete, creating a complex web of transactions. While information sharing is fast, the high cost and slow pace of global payments is prohibitive to business growth. According to an Atradius survey, nearly one-third of foreign business customers of companies in both North America and Europe named the complexity of the payment procedure as a major factor behind foreign payment delays.
Currencycloud’s Global Collections enables businesses with customers in the US or EU to pay or get paid as if they were a local business — without having a physical presence there. The new functionality allows businesses to generate international bank account numbers (IBANs) and Virtual Account Numbers (VANs) so their customers receive US dollars or Euro transfers without incurring fees.
Additional benefits:
Faster Receivables: same day receipt of funds allows businesses to get paid faster.
Lowered Costs: with access to Currencycloud’s FX rates, companies can convert at wholesale rates and hold funds in 35 currencies
Easy Integration: customers can build their own product on top of Currencycloud’s APIs or use its user interface. End users are not required to open a Currencycloud account.
Global Collections will be rolled out in March 2018.
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