Currencycloud Spark attracts Starling, TranSwap and Remitr

Currencycloud announced that the wider release of its Spark platform has already attracted innovative FinTechs like Starling, TranSwap and Remitr.

Founded in 2012, Currencycloud has rapidly expanded its capacity, popularity and global reach. Now operating in more than 180 countries and having processed in excess of USD$65bn, the company is an invaluable resource for banks and FinTechs.

Renowned for its multi-currency infrastructure which can allow account holders to store, receive and make payments in over 30 currencies, Currencycloud Spark acts as a background process whilst client companies fulfil customer relationship and experience management responsibilities.

The platform is easily integrated within a pre-existing framework and also possesses the following features:

• Named customer accounts
• Flexible receivables and payments
• Reduced costs via automation

The company emphasises that its international transaction process has been streamlined to be as effortless as possible; it gives the following hypothetical example of a US-based company selling goods and services to the UK:

1. Raise an invoice wherein the customer pays in GBP and customer bills in USD.
2. Provide the customer with a unique, named account receiving GBP through Currencycloud.
3. Once the details have been provided, the customer pays in GBP to the specified account.
4. After the money has been received and processed it is converted into USD and the US-based company receives the sum.
5. Finally, the balance is reconciled with the invoice.

“For too long businesses around the world have faced unacceptable levels of friction when trading with each other,” said the company in its press release.

“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.”

Spark’s pilot programme was announced in 2019 and immediately caught the attention of the global FinTech community.

Starling is helping its SMB clients open USD accounts, TranSwap has been using Spark to develop its Global Borderless Virtual Account and Remitr has similarly launched a Global Business Account using the platform.