The collaboration of the two London-based FinTechs is expected to allow customers to convert the British pound to more than 30 currencies and transfer cash to more than 50 counties across five continents, the release stated.
The companies said in the release that the partnership is intended to simplify international payments for FinTech clients, companies planning for overseas expansion and customers who need to send money, the online news service reported.
“We’ve increased investment in our core platform and bolted on functionality to our API based platform to meet client needs,” said Jason Ollivier, chief disruption officer at Contis, in the release. “... Integrating Currencycloud’s best-in-class tech dramatically simplifies sending money abroad, at a time when international transfers are becoming more essential for banks, FinTechs and their customers.”
Contis offers B2B issuing and processing through its cloud-based technology while Currencycloud’s multi-currency account platform allows a way to provide foreign exchange and international money transfers.
Lewis Nurcombe, sales director at Currencycloud, said as digital payments become routine, so does the need to make international payments.
“This partnership means that Contis customers can take advantage of fast, efficient and clear payment processes,” he said in the release.
This is the third time this summer for Currencycloud to link with other firms.
Earlier this month, payments firm Sokin announced it was integrating local payment rails from Currencycloud to help boost its money transfer services to 150 countries with 35 different currency options. Sokin's service offers inexpensive transfers for customers across all markets and currencies without added fees, the company said.
Also in August, Currencycloud said it will be working with enterprise blockchain solution Ripple for fast global payments. Ripple, with its worldwide RippleNet network, will be an opportune way for Currencycloud to reach more financial institutions, the company said.
Earlier this month, Contis applied to the Royal Bank of Scotland and Banking Competition Remedies Alternative Remedies Package for two grants totaling 35 million pounds ($46 million), intended for a variety of digital payment technologies for small- to medium-sized businesses (SMBs).