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Mangopay Adds Foreign Exchange Solution for Marketplaces and Platforms 

Mangopay, FX, foreign exchange, b2b payments, cross-border payments

Mangopay, a payment infrastructure provider for marketplaces and platforms, has launched an end-to-end foreign exchange (FX) solution that aims to expand its cross-border capabilities and support clients’ global expansion. 

The FX solution offered by Mangopay provides platforms with a flexible and modular cross-border strategy, the company said in a Wednesday (Nov. 15) press release

The solution includes two key features: Spot FX and Guaranteed FX, according to the release. Spot FX allows platforms to access real-time exchange rates for instant conversion, while Guaranteed FX briefly locks in rates to mitigate the risk of currency fluctuations. 

This comprehensive solution addresses the concerns of chief financial officers and treasurers who have experienced reduced earnings due to avoidable FX risk, the release said. 

By leveraging Spot or Guaranteed FX, platforms can offer local buying experiences that reduce checkout churn, take control of treasury and liquidity management, and enable buyers and sellers to collect and convert funds in multiple currencies, per the release. 

In addition to its FX solution, Mangopay is expanding its payout network to facilitate faster and more cost-effective global payouts, according to the press release. Over the coming months, it will grow its payout network to offer local settlement in over 20 currencies and the ability to make payouts in over 60 currencies. 

“Our FX solution completely removes the friction associated with traditional currency conversions, providing the flexibility to easily manage cross-border payment flows,” Kirk Donohoe, chief product officer at Mangopay, said in the release. “It simplifies FX for the platforms we work with and their customers, from pay-in to payout and money movement within their ecosystem.” 

For companies that are looking to steer their business strategy to drive growth, thinking globally should be a priority right from the onset, Mangopay Chief Growth Officer Pierre Lion told PYMNTS in an interview posted in July. 

“When you start building your project or your proof of concept, especially for a payment solution, you need to think beyond your local markets from day one because you don’t want to totally rebuild your infrastructure and technology after just a year or two,” Lion said. 

PYMNTS Intelligence has found that many entrepreneurs are expanding their focus to include international deals along with domestic ventures. As they do so, they are being aided by streamlined digital payments that simplify cross-border transactions, according to “International B2B Payments: A Guide for Entrepreneurs and Digital Businesses,” a PYMNTS and Payoneer report. 

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