Carta Worldwide, an innovator in digital transaction processing, and Currencycloud, the leader in providing embedded B2B cross-border solutions for platforms of the future, have partnered to bring increased transparency, real-time foreign exchange at the point of sale, and an enhanced customer experience to international card transactions.
Currently when traveling abroad or making an international card transaction, cardholders are faced with a complete lack of transparency on what fees they pay and what the exact exchange rate is. The exchange rate that customers ultimately end up paying is not the rate given to them at the point of sale.
This poor experience has been addressed by a wave of challenger banks with real-time FX rates and cheaper, more transparent fees being offered. This partnership will allow issuers to very easily be able to offer similar services to start-ups and existing challenger banks.
Steve Lemon, Head of Strategic Partnerships and Co-founder comments: “This is an exciting partnership and the first of its kind, combining our respective skill sets to drive innovation and give customers further transparency on their international card payments. Our partnership is really putting the customer at the centre of the offer and helping to solve a crucial problem for them.”
Richard Wray, Managing Director EMEA, Carta Worldwide comments: “We are very excited about this partnership. Carta’s innovative processing capabilities collaborating with one of the most reputable platforms in the industry will enable us to deliver some real change to customers across the world.”
Currencycloud and Carta are currently in the development phase with the first joint product expected in the second half of this year which will be available for issuers.