Cloud-based clearing bank ClearBank has deployed a new multi-currency solution designed to reduce friction for FinTechs and financial institutions (FIs) working with cross-border payments, according to a Press release.
With the new offer, users will be able to transact internationally at a lower cost. The aim is to connect UK and European small and medium-sized enterprises (SMEs) with a multi-currency bank account and user-friendly foreign exchange (FX) solutions, the statement said.
The technology can be integrated with platforms currently using multicurrency offerings to bolster their services, the statement said. The first institution to use it will be VertoFX, a B2B foreign exchange marketplace and payment platform.
The much greater use of e-commerce solutions, cryptocurrency, remittances and international travel has made the need for multi-currency capabilities much greater, the release said. FinTechs as such have felt the pressure to offer new services.
“We are delighted to begin our journey towards ensuring seamless cross-border payment solutions and to have VertoFX as our first multi-currency client,†said the CEO of ClearBank. Charles McManus in the output. “… We are convinced that our new multi-currency offering can… meet the demands of the next generation of consumers and businesses and simplify foreign exchange transactions.
Another factor in the company’s new offering is the lack of choice among FinTechs looking to provide more options for clients to transact internationally, the statement said.
ClearBank initially rolled out multi-currency accounts last year using an application programming interface (API). The aim was to allow customers to access more than 30 multi-currency accounts and to transfer funds “seamlesslyâ€.
Read more: ClearBank launches multi-currency bank accounts
The bank said some of the benefits would include better liquidity, greater visibility over cash flow and better control over fund transfers, without the need to transfer them to third-party accounts.
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