B2B global payments service provider Currency Cloud is greasing its money-moving engines with a new update to its API.
In a Monday (Oct. 12) announcement, Currency Cloud unveiled its next-generation API, Payment Engine Two, a platform that will make for faster payment speeds and greater payment volume capacity. The company added that business users of the platform can also customize the tool for their individual payment needs.
In a statement, the company said that the upgrades are a response to the changing demands of consumers and businesses in the way they want to make and receive money.
"There is a significant shift underway in the relationship between merchants and payment service providers, with the sellers beginning to acquire more power,” said Currency Cloud CEO Mike Laven. “With so many options available, financial institutions will need to partner with merchants and digital wallet providers early to avoid significant loss of revenue as customers move across the new payment methods available to them."
[bctt tweet=”‘There is a significant shift underway in the relationship between merchants and payment service providers.'”]
Currency Cloud pointed to the on-demand economy, as well as the disappearing borders of international eCommerce, as two key factors of why businesses are seeing different payments needs today.
The updates include the launch of the Cash Manager feature, which provides businesses with a way to pre-fund accounts to track international payments in advance, according to reports.
Plus, Currency Cloud said that its FCA e-money license, which came into effect April 1 this year, means it can provide businesses with more fluid process flows and greater visibility into payment and transaction statuses. Laven said that the upgrades mean businesses can bypass some of the fees associated with the international SWIFT network because it provides a way to move money through local payment networks.
Cash Manager also lets companies pay directly from a held balance instead of having to wait for funds to convert, adding that the feature is “particularly relevant for multi-currency eWallet providers and large businesses who wish to take an active role in treasury management."