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 Radius Bank has announced its partnership with leading payments solutions provider, Currencycloud. 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 Richard Arundel, 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 Carta Worldwide, Shift Connect and Derivative Path 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 Phil Peters, 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 March’s edition of FinTech Magazine, 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 here.