Cloud-based clearing bank ClearBank has rolled out a new multi-currency solution intended to cut down on friction for FinTechs and financial institutions (FIs) working with cross-border payments, according to a press release.
With the new offering, users will be able to transact internationally at a lower cost. The goal is to connect U.K. and European small- to medium-sized businesses (SMBs) with a multi-currency bank account and user-friendly foreign exchange (FX) solutions, the release stated.
The tech can be integrated with platforms currently using multi-currency offerings to boost their services, according to the release. The first institution to use it will be VertoFX, a B2B currency exchange marketplace and payments platform.
The much greater use of eCommerce solutions, cryptocurrency, remittances and international travel have made it so there’s much more of a need for multi-currency capabilities, the release stated. FinTechs, as such, have felt the pressure to offer new services.
“We’re delighted to be beginning our journey towards ensuring seamless cross-border payment solutions and to have VertoFX as our first multi-currency customer,” said ClearBank CEO Charles McManus in the release. “… we’re confident our new, multi-currency offering can … meet the demands of the next generation of consumers and businesses and simplify FX.”
Another factor in the company’s new offering is a lack of choice among FinTechs looking to get more options for customers to transact internationally, according to the release.
ClearBank initially rolled out multi-currency accounts last year using an application programming interface (API). The goal was to let customers access more than 30 multi-currency accounts and move funds “seamlessly.”
Read more: ClearBank Introduces Multi-Currency Bank Accounts
The bank said some of the benefits would include better liquidity, more visibility into cash flows, and more control over fund transfers, without the need to transfer them to third-party accounts.
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