B2B Payments

Currencycloud Links Regional Banks To X-Border B2B Tech

Cross-Border Payments

To provide regional and community banks with a full-scale solution to manage and grow their FX programs, FinTech firm Derivative Path, Inc. and global payments platform Currencycloud have partnered. The companies will harness the ability to provide financial institutions with an end-to-end FX management system that comes with third-party payment functionality and integrated request for quote (RFQ) execution, according to an announcement.

Derivative Path Co-founder and Co-CEO Pradeep Bhatia said in the announcement, “This joint effort will help us leverage our technology capabilities, global infrastructure, and subject matter expertise, to offer banks a platform to manage their FX and payments, a growing need in an underserved space. Our industry-leading rates platform now combined with Currencycloud’s capabilities will make our offering even more powerful for our regional and community banking clients.”

The DerivativeEDGE platform has been created to be a fully end-to-end system for FX, interest rate derivatives and hedge accounting. Users have front office, mid-office and back-office functions in one platform through DerivativeEDGE. The technology also comes with a completely integrated platform for automated hedge accounting that the announcement said is completely compliant with the new rules for hedge accounting of ASU 2017- 12.

Currencycloud Co-Founder and General Manager North America Richard Arundel said in the announcement, “By embedding Currencycloud’s FX solution into their offering, Derivative Path’s customers will be able to compete with super-regional and global banks on FX and cross-border payments.” Arundel continued, “This partnership means that banks across North America will be able to take advantage of Currencycloud’s innovative FX and cross-border solutions.”

In separate news, Currencycloud had received the equivalent of $80 million from investors with the inclusion of Visa. Siam Commercial Bank, the World Bank’s International Finance Corp., and BNP Paribas, in addition to SBI Group, were among the other investors. Current investors also joined with the inclusion of Sapphire Ventures, GV, and Nation Capital.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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