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.
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.
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.
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.