Global payments platform Currencycloud has teamed up with open finance network Plaid this week. Through the collaboration, the two will offer a joint solution to make it easy for U.K. banks and fintechs to operate in multiple currencies.
The overall objective of the partnership is to reduce friction for Currencycloud customers. Currencycloud will embed Plaid’s Payment Initiation Services (PIS) into its app, allowing customers to pull money directly into their account from any bank without ever leaving the app.
The rollout will begin with customers using the Currencycloud Direct white-label solution, and will later roll out to the entire Currencycloud platform.
“The internet has made business more borderless than ever before, but it is incredibly difficult to move money across countries. Accepting, settling, and converting payments is complicated, expensive, and can take time,” said Plaid Head of European Partnerships Farid Sedjelmaci. “Combining Plaid’s Payment Initiation Services with Currencycloud’s all-inclusive platform for foreign exchange provides a smooth payment experience that obscures all of the complications with online global money movement.”
Prior to the partnership, the only way customers using Currencycloud Direct could top up their account was to leave the app, log into their bank app, and submit the payment. Embedding Plaid’s PIS reduces this friction, streamlining the account funding process.
Currencycloud was founded in 2012 and has since processed more than $100 billion to over 180 countries. The U.K.-based company works with FIs and fintechs including Visa, Dwolla, and Mambu to help them provide cross-border infrastructure solutions to their clients.
Plaid helps 11,000+ FIs offer their customers access to third party financial services via a suite of APIs to connect consumers, financial institutions, and developers. The company was founded in 2013 and is headquartered in San Francisco, California.