Currencycloud tests tech for delivering multicurrency accounts

Source: Currencycloud

Currencycloud today announces the launch of Currencycloud Spark, a solution enabling banks and Fintechs to provide multi-currency accounts to their business customers to collect, store, convert and pay in more than 35 currencies.

Currencycloud Spark will enable businesses to realise their global ambitions faster than they ever dared dream.

Setting up bank accounts in foreign countries is a complicated and expensive process and far beyond the means of many businesses. With Currencycloud Spark, companies will be able to easily create receivables accounts around the world, manage multiple currencies, and instantly move money between accounts, meaning financial institutions such as banks and Fintechs can provide business customers with total flexibility in how they manage their international payment flows with their customers.

“Financial institutions have long struggled to help business customers compete on a global scale, relying on a patchwork of banking providers to carry out international transactions, as there was no credible alternative,” said Mike Laven, CEO of Currencycloud. “Currencycloud Spark leverages our technology to provide unparalleled access to global payment networks, allowing banks and other payment providers to go to market quickly and focus on expanding their businesses.

“Currencycloud Spark levels the playing field and allows any financial institution to compete in an increasingly inter-connected world.”

Currencycloud Spark will provide a seamless reconciliation process, a competitive FX rate and increased visibility of the entire payments process, helping financial institutions to support thousands of businesses to trade internationally with confidence.

Currencycloud Spark will be tested with select customers initially and will be rolled out to new and existing customers in the first half of 2020.

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