Payments firm Sokin is integrating local payment rails from Currencycloud to help boost its money transfer service around 150 different countries with 35 different currency options, the company announced Tuesday (Aug. 11).
Sokin's service offers cheap transfer costs for customers across all markets and currencies without extra costs. Users can make unlimited payments for $2.99 per month.
According to Chief Executive Vroon Modgill, the partnership with Currencycloud will help boost the service.
"We have developed our payments network across core market areas, and by working with Currencycloud, we can quickly bring all the benefits of our subscription model to a greater number of markets and clients," Modgill said. "Currencycloud provides easy to integrate cloud-based services, which can seamlessly support our operations in all the markets we want to offer a service."
Lauren Passey, sales director for FinTech with Currencycloud, praised Sokin as the right partner to help speed up services for B2B needs.
“Sokin is the type of new generation payments firm which is a perfect partner for Currencycloud," she said, according to the release. "The focus on customer experience and the need to have very high levels of regulatory oversight and efficient onboarding is what we do best. Global payments infrastructure is complex and time-consuming to navigate so we can allow clients to quickly expand their international networks and know that quality and cost will never be compromised.”
Currencycloud was the recipient of a January funding round involving Visa, which netted the company $80 million from the payments giant and other investors, PYMNTS reported. The round went toward boosting Currencycloud's technology portfolio and partner network, adding new integrations with major platforms and boosting alternate payment methods like mobile wallets, instant payments and cards.
In April, Currencycloud set about helping regional banks add new FX program capabilities. The new DerviativeEDGE program will provide end-to-end services for FX, hedge accounting and interest rate derivatives.