Open API X-Border Payments Portal Launches In Europe

Poland-based Currency One is looking to streamline cross-border payments for European companies and consumers, announcing the launch of Valuto.com on Tuesday (Feb. 2).

[bctt tweet=”Currency One announced the launch of Valuto.com.”]

Valuto is a platform that supports various currencies across Europe and provides foreign exchange and payments solutions for users. According to Currency One, the site is the result of a series of connections between banks across the continent and uses the company’s existing currency exchange services to carry out transactions.

“We use the term ‘cross-border’ when, in reality, customers are able to make domestic, localized payments using our network of bank accounts throughout Europe,” explained Currency One CEO and Cofounder Michał Czekalski in a statement.

“If a Swedish user would like to make a payment to his supplier in Hungary, he can exchange SEK for HUF using our peer-to-peer marketplace before making a payout via our account in Budapest,” the executive continued. “Everything is done under the Valuto payment account; with just a few clicks, the user can be confident that he has chosen the most cost-effective option on the market.”

Currency One said it would demonstrate the new platform at FinovateEurope, to be held next week in London. There, the company will demonstrate how the site’s open API can integrate into companies’ existing systems, like accounting, electronic invoicing, B2B eCommerce marketplaces and other corporate financial management tools.

According to Czekalski, key to easing cross-border payments friction is to go beyond carrying out a transaction. “It starts with currency exchange and cross-border payments, but this must also include integrations with other software used by SMEs, namely eInvoicing and SaaS accounting software,” he said.

The executive added that an open API is “the best way to access banking” and is more valuable to the end user than conducting banking operations behind a firewall.