Payments infrastructure provider Mangopay has announced that it is expanding its focus on helping platforms scale up internationally with the launch of a new FX solution.
The latest cross-border transaction tool will introduce an upgraded approach on how marketplaces approach currency conversions with increased transparency and treasury operations control, unlocking new revenue streams and user experiences in the process.
Kirk Donohoe, Chief Product Officer, Mangopay: “We consistently hear from the platforms and marketplaces we work with about the importance of taking control of their cross-border money movement so they can create delightful user experiences, optimise operations and drive business growth.
“Our FX solution completely removes the friction associated with traditional currency conversions, providing the flexibility to easily manage cross-border payment flows. It simplifies FX for the platforms we work with and their customers, from pay-in to payout and money movement within their ecosystem.”
Mangopay’s announcement follows a survey by HSBC which revealed that around 77% of CFOs in the EMEA region have reported financial losses in the past two years due to FX risks that could’ve been avoided.
The latest FX solution from Mangopay will aim to address this by implementing a modular cross-border strategy that includes Spot FX for real-time exchange rates and guaranteed FX, which avoids currency fluctuations by temporarily locking in rates.
Moreover, Mangopay will further strengthen its payout network with an enhanced offering that includes international payments across more than 60 currencies, as well as local transactions in over 20 currencies.
Donohoe added: “We do well when our customers do well, and supporting their ambition through innovative payment infrastructure and cross-border products remains core to our strategy. We are extremely excited about the opportunity to support the platforms we serve with their international growth.”