- Currencycloud announces the release of Currencycloud Spark and it has already attracted the attention of Financial Tech companies
- The release of Currencycloud Spark has already captured the attention of Financial. Tech companies like Starling, TranSwap, and Remitr
Currencycloud announces the release of Currencycloud Spark and it has already attracted the attention of Financial Tech companies like Starling, TranSwap, and Remitr. Currencycloud is a global payments platform that is fully cloud-based to assist in B2B cross border payments. It was founded in 2012, and since then has rapidly expanded its reach and now it functions in 180 countries and has already processed upwards of US$65 billion, making it one of the biggest names in FinTech.
Currencycloud announces the release of Currencycloud Spark and it has already attracted the attention of Financial Tech companies. It acts as a backdrop process while companies and consumers deal with each other.
The platform integrates to the current framework with ease and has the following features:
- It supports named customer accounts for a personalized experience
- It supports flexible credit and debt payments
- The costs of transactions are reduced due to automation.
The company talks about simplifying the international transaction process to be as effortless as possible and provided a hypothetical example of a US-based company selling commodities to a UK based firm.
Currencycloud in its press release said, “For too long businesses around the world have faced unacceptable levels of friction when trading with each other.” It also added that payment processes and information would be “opaque, expensive and protracted”.
Spark’s pilot program had been announced back in 2019 and it was circulated like wildfire, causing much stir among the global FinTech community. Since then Starling has helped its SMB customers open USD accounts, TranSwap has been using Spark’s own program to develop its Global Borderless Virtual Account platform and Remitr has launched a similar Global Business Account.