Vault Core's integration to Currencycloud

At a glance
Deliver an affordable, transparent multi-currency banking and cross-border payment experience
Solution category
FX payments
Built by
Thought Machine

The challenge

With globalisation accelerating and fintechs offering transparent, affordable, multi-currency payment experiences, many banks are being forced to re-evaluate their existing solutions, which are either lacking or are a complex, unintuitive process for the customer.

The solution

Currencycloud provides next-generation multi-currency capabilities to banks so that they can quickly and easily build cross-border payments and FX functionality into their platforms — while maintaining complete control of the user experience.

Thought Machine has partnered with Currencycloud to deliver a frictionless multi-currency banking experience across the world, which isn’t possible via legacy correspondent banking networks. 

Currencycloud solution

Access to real-time FX rates

Currencycloud delivers access to real-time, wholesale FX rates across hundreds of currency pairs, enabling banks to offer customers the ability to convert funds while saving money across the full breadth of retail banking products covered via Vault Core’s Universal Product Engine

Faster speed to market

Banks using Currencycloud alongside Vault Core’s smart contracts can quickly add money transfer channels and countries, becoming a one-stop shop for customers’ cross-border transactions or inter-account currency transfers needs

Improved cash management

Banks can increase revenue and liquidity by leveraging Currencycloud’s access to FX rates, IBANs, VANs, and local/swift collections and payouts.

How the solution works

The integration between Thought Machine and Currencycloud enables Vault Core to make requests to Currencycloud’s RESTful APIs to fetch exchange rates as well as create currency conversions corresponding to a customer’s request. This provides customers quick access to the global market, giving them the ability to pay in, convert, hold, and pay out in more than 35 different currencies.

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