Radius Bank’s cross-border payments collaboration
After a spike in demand from customers for international wire transfers and from its banking-as-a-service partners, Boston, Massachusetts based has announced its partnership with leading payments solutions provider, . The partnership will allow clients to send money to over 180 countries, with Radius Bank leaning on Currencycloud’s API (Application Programming Interface) to allow outgoing payments to reach international destinations they were unable to reach before for their clients.
“We are really excited to be working with such a digitally focused bank as Radius Bank.” Said , General Manager North America & Co-founder of Currencycloud. “The breadth of our technology and speed of integration made us the perfect fit for them when they were looking to expand their customer offering. The ability to build, adapt and expand their customer offering for cross-border payments for both consumers and businesses of all sizes, is now in-house and world-class.”
Launched in 2012, Currencycloud is the leader in providing B2B embedded cross-border solutions, it has partnered with banks and fintechs across the globe, including the likes of Revolut, Starling Bank, Monzo and Lunar. The company is headquartered in London but is regulated across the United Kingdom, European Union and the United States to provide simple and clear financial infrastructure solutions for clients by working with partners including Visa, Mambu and Dwolla.
The partnership marks a key point in Currencycloud’s expansion into North America, after signing deals with , and earlier this year. “As an ever-growing full-service digital bank, our clients needed a way to make payments all over the world without delay.” Commented , EVP Chief Operating Officer at Radius Bank. “Our integration with Currencycloud allows us to do just that.”
Collaborating with Currencycloud highlights Radius Bank’s forward-thinking and technology-driven strategy. Awarded Best Online Bank of 2020 by Bankrate, its digital banking platform is shaped by the needs of the consumer with features such as check deposit, bill pay, card management, a personal financial management dashboard, and now, cross-border payments.
Back in , we spoke to Joe Mancini, Senior Vice President and Chief Information and Security Officer at Radius Bank at the time. “Our digital banking strategy is built around fintech driven technology,” Mancini explained in the interview. “Push products, gain customers and create a frictionless experience.” Joe also discussed Radius Bank’s cybersecurity and risk management strategy with us and described his role within the business. Read the full interview and report .
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG