The next generation API will enable faster payment speeds and increase volume capabilities, as well as giving customers greater flexibility to customise and manage their payment flows according to individual business needs.

The upgraded platform is a response to the fundamental shift in the way that consumers and businesses wish to make and receive payments. The on-demand economy and global nature of e-commerce is driving smaller transaction sizes, with payments increasingly embedded and ‘hidden’ within other services. This new landscape is supported by the impending Payment Services Directive (PSD2) regulation, which will drive an increasingly open payments marketplace, opening the door for technology to shake the foundations of the correspondent banking model.

In line with this global push for speed and transparency in payments, Currency Cloud’s new Cash Manager feature will allow companies to pre-fund their account how and when they wish, so that international payments can be grouped and organised in advance. Currency Cloud is able to offer this capability following its FCA e-money licence accreditation, effective 1st April 2015. This increased control helps to optimise internal process flows, while maintaining complete oversight of individual transactions. It will also allow businesses to save time by making payments directly from a held balance, rather than waiting for funds to convert - a feature which will be particularly relevant for multi-currency e-wallet providers and large businesses who wish to take an active role in treasury management.

Mike Laven, CEO Currency Cloud commented, “There is a significant shift underway in the relationship between merchants and payment service providers, with the sellers beginning to acquire more power. With so many options available, financial institutions will need to partner with merchants and digital wallet providers early to avoid significant loss of revenue as customers move across to the new payment methods available to them. Currency Cloud’s ability to optimise the flow of money via local payments networks will flourish in this new era of open banking, allowing customers to avoid the complex - and often opaque - fees associated with using the international SWIFT network.”