Currencycloud, the leader in providing embedded cross-border payments, today announces the wider rollout of Currencycloud Spark – its multi-currency wallet infrastructure – with Starling Bank, TranSwap and Remitr among the first customers to sign up to the service. Currencycloud Spark enables businesses - and their customers - the ability to receive, store funds and make payments in more than 30+ different currencies, almost anywhere in the world.
For too long businesses around the world have faced unacceptable levels of friction when trading with each other. The difficulty in opening accounts in a foreign currency means that firms regularly run into invoicing hurdles. Payment processes are opaque, expensive and protracted. And businesses end up over-charged for needless FX transactions when they are unable to store foreign currencies.
Currencycloud Spark allows Fintechs and Financial Institutions (FIs) to easily create accounts for their customers to receive, pay-out, and move money in different currencies at their convenience. Using unique International Bank Account Numbers (IBANs) that are able to be issued in 30+ currencies means that for customers, this is all done via one multi-currency wallet in their own name.
The pilot programme for Currencycloud Spark was announced in 2019. Ahead of launch, over 30 Fintechs around the world have already signed up to benefit from the functionality.
Remitr Global Business Account (GBA) recently launched with the help of Currencycloud Spark. In just a few weeks, it has already received elated responses from Remitr customers who now have predictability of cash-flow and control over receivables. Remitr’s GBA empowers small businesses to get paid in multiple currencies without paying exorbitant bank fees or having to open an overseas bank account. One of their newest customers has already saved upwards of $1400 in less than two months of using GBA.
Others to participate in the pilot include Starling Bank who are helping their SME customers open USD accounts and TranSwap who utilitized Currencycloud Spark to power their Global Borderless Virtual Account (GBVA).