The partnership is intended to allow Currencycloud clients to benefit from faster cross-border payments and more efficient reconciliation, while Currencycloud will be able to process payments through the pan-European TARGET2 system.
Building on and improving capabilities for cross-border euro payments, the new offering will allows for next-day payments to Europe from, for example, the US.
Currencycloud will also be able to create euro-denominated international bank account number (IBAN) accounts and bank accounts for its clients and their end customers, allowing payments to be sent directly to and from those accounts.
The offering is also intended to help clients managing high volumes of business-to-business payments manage the challenge to reconciliations.
Mike Laven, CEO of Currencycloud said: “Fast, secure and transparent international payments underpin our clients’ offering and competitive edge.”
“More often than not in today’s digital landscape, payments must also be international—this brings speed and process optimisation into even sharper focus. With current ambiguity around the UK’s membership of the EU, it’s more important than ever that we are able to offer our clients direct access to the European market.”