/Payments

Fintech News for Payments professionals

Apply Financial and Currencycloud partner to remove customer friction from cross-border payments

Source: Currencycloud

Apply Financial, the specialist payments validation company, has announced a new partnership with Currencycloud.

Using Apply Financial’s Validate API, the deal will enhance Currencycloud’s mission to remove the complexity of international payments, allowing businesses to focus on delivering a great experience for their customers.

With a network of nearly 40 currencies being paid cross-border to more than 180 countries, beneficiary account validation is key to Currencycloud to ensure that payments are not delayed or failed because of invalid account details. By integrating with Apply Financial’s Validate API Currencycloud now has a powerful service to validate beneficiary account details and extend its existing validation workflow, making payment processing and integration easier for clients and further enhancing the end-customer experience.

While account detail validation dramatically improves Straight Through Payments (STP) rates over wire transfers and ACH payments, account detail validation has also become critical to the real-time payment initiation process with the rapid increase in ‘instant’ payment systems becoming available around the globe. Apply Financial’s APIs will help Currencycloud and their clients to improve STP rates, reduce frustration caused by payment delays and failures, and comply with the evolving regulatory requirements in the real-time landscape.

Piers Marais, Senior Product Owner, Payments, at Currencycloud, comments: “We are constantly looking for ways to improve customer experience and reduce friction in the cross-border payment journey. With one simple integration to Apply Financial’s API suite, Currencycloud has been able to extend and enhance its validation coverage in a matter of weeks. Customers will benefit immediately from our new partnership, seeing fewer payments held up in transit or returned back to them, and more payments landing more quickly into beneficiary accounts.”

Mark Bradbury, Founder and CEO, Apply Financial, comments: “We are delighted that CurrencyCloud selected Validate API, to intuitively guide, validate and enrich international bank payments at payment entry, allowing Currencycloud to further remove the complexity for their customers making international payments. Using the Validate API Self Service area, Currencycloud is able to go live with Validate API painlessly and as part of a rapid roll out. We look forward to working with Currencycloud to further reduce the complexities for their customers around international payments and improve the customer journey.”

Apply Financial’s APIs are already live in the Currencycloud API suite, with further validation improvements to follow over the coming weeks.
Contributed | what does this mean?
This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

Comments: (0)

sponsored

Find out more