“More control, more efficiency, more transparency”
The Currency Cloud is changing the international payments landscape by delivering currency conversion and international payments as a cloud-based web service; while maintaining the same level of security, reliability and compliance as mainstream banks.
The Currency Cloud offer financial services at a lower cost and greater convenience through clever use of the latest technologies.
The London-based firm received $4m in funding from venture capitalists to build an automated foreign-exchange system to help businesses make and receive payments in 140 currencies.
“We fully automate the payment lifecycle – from receipt of funds through conversion and payment – via a single, innovative platform, eliminating operational headaches and offering simple, transparent and low-cost transactions. The Currency Cloud does all the “heavy lifting,” allowing you to focus more on your business and customers.”
The Currency cloud applications were built using the XBPConnect application programming interface (API), which allows software engineers to embed low-cost international payments into enterprise software. The API enables developers to enhance existing customer services and to enable more integrated and seamless processes for business.
Currency Cloud’s chief executive, Mike Laven, said: “When making cross-border payments, enterprise software users usually have to disengage from their program, manually make the transaction through their bank or broker, and be host to poor exchange rates and processing errors.
“The Currency Cloud’s XBPConnect API allows international payments to be incorporates within the workflow of enterprise software, saving users time, effort and money.
The Currency Cloud believes that the payments industry is under-going a remarkable transformation. An array of payments start-ups has emerged which, through technology, are addressing the issues of the legacy banking industry.
“‘New Finance’ companies are concerned with lowering costs, and bringing transparency and efficiency for their customers.
“Examples of New Finance companies include Bango for one-click payments on the mobile web; TransferWise and Azimo for international money transfer for consumers; and ourselves for cross-border payments for business”
It launched in March 2012, delivering simple, transparent and low-cost international payments solution for businesses operating in global markets. It has grown by 50% since Q2 2012, processing a record £100,000,000 worth of transactions during the month of May. As of 2013, over 250,000 SMEs and consumers became customers.
Cloud computing services are on the rise across the business landscape. The promise of low-cost, easily scalable solutions and improved operational efficiency has attracted big and small business interests alike. IDC estimates that by 2020, nearly 40% of the information in the digital universe will be in the cloud in some capacity.
For more information, visit the official website here.
