Currencycloud has announced the initial launch of its latest multi-currency solution, Currencycloud Spark.
It enables financial institutions to provide multi-currency accounts to their business customers providing the ability to collect, store, convert and pay in more than 35 currencies.
“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.
The solution is expected to help accelerate businesses with global expansion plans and has a scheduled 2020 release, with select customers initially being tested upon.
It features reconciliation processes, a “competitive” FX rate and increased visibility of the entire payments process.
Firms can create receivables accounts around the world, manage and transfer multiple currencies, all aimed at providing clients with flexibility when dealing with international businesses.
Laven concluded: “Currencycloud Spark levels the playing field and allows any financial institution to compete in an increasingly inter-connected world.”
