According to the Bank for International Settlements, the average daily turnover in global foreign exchange markets is estimated at over $4 trillion. As of today the vast majority of those cross-border payments are done through banks and the typically they charge a 4% fee whenever you make a cross-border payment. The Currency Cloud offers end-to-end cloud based cross currency payments automation service that makes multi-currency payments more frictionless. On 11th February 2014, The currency cloud announced a major revamp of its payments service – new streamlined payment integration, new look and other features.
Launched to market in 2012, The Currency Cloud offers Cross Border Payments as a Service. The company has received a total funding of $7 Mn through investors Atlas Venture, Anthemis Group andNotion Capital. More than 250,000 corporates and consumers already have access to The Currency Cloud’s XBPaaS platform through more than 100 platform partners and customers.
- The new UI now includes a customizable dashboard and Cash manager as well as TCC Direct features. Both of these have been in beta at Finovate London.
- With the new features, “Customers can now maintain and manage balances in multiple currencies, ultimately reducing the time their own customers have to wait for cash to be processed,” says Currency Cloud.
- The company has upgraded its UI, website and branding. Currency Cloud also announced that its opening up its API in order to have new integrations functions within 30 days.
- The company will be opening a developer center in March to make sure that customers have the support and tools required to utilize the new API in the best possible manner.
Some features of their platform:
- The Currency Cloud delivers its service through a number of customers and partners, including remittance, online payments, corporate services (accounting, invoicing, ERP), financial services, and e-wallet firms.
- Currency Cloud is principally in a B2B business. Consumers and corporates, particularly SMEs, benefit from the capabilities via customers of Currency Cloud.
- Currency Cloud improves the payment services offered by financial institutions, brokers, IFAs, online and mobile payment providers, pre-paid card providers, digital currency exchanges, amongst many.
- By utilising Currency Cloud as the core payments platform, these firms lower their own costs and deliver a more transparent and lower cost services.
- Currency Cloud deliver services to corporates through channel partners – embedding their capabilities within corporate treasury services such as ERP, Accounting and E-invoicing, to significantly improve a business’s workflow and integration, reducing transaction costs and operational risk and overhead for businesses.
“PayPal charges 2.75% on conversion which doesn’t sound like much until the numbers become large. Banks are typically working on similar margins and what they don’t make on margin they’ll try recoup through charges for conversion or receiving. It’s a racket. Enter TheCurrencyCloud a company I ran into while at LeWeb,” said Dennis Howlett.
In 2013, Currency Cloud had partnered with invoicing company Tradeshift and SMB financial services company, Intuit. The partnership creates an all inclusive platform for small businesses maintain cross border relationships better. The platform focuses especially on buyer-supplier relationship. Currency Cloud had also partnered with Transferwise in 2012, enabling users to transfer money between a range of European currencies.