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Currencycloud and Derivative Path to Bring FX to Community Banks

A new strategic partnership between Currencycloud and cloud-based FX trading platform Derivative Path will make it easier for community and regional banks to offer a variety of FX and interest rate derivative trading options to their customers.

Derivative Path will embed Currencycloud’s FX technology into its DerivativeEDGE platform, an end-to-end solution for interest rate derivative, FX, and hedge accounting. Together the offering will provide banks with a solution that enables counterparty/order management, electronic spot FX with integrated Request for Quote execution, third party international payments and receipts, and derivatives valuation, as well as compliance reporting.

Derivative Path co-founder and co-CEO Pradeep Bhatia said, “This joint effort will help us leverage our technology capabilities, global infrastructure, and subject matter expertise, to offer banks a platform to manage their FX and payments, a growing need in an underserved space.”

Based in the San Francisco Bay area, Derivative Path partners with financial institutions, buy-side, and commercial end-users to provide over-the-counter, interest rate derivative and FX trading execution and management solutions. Founded in 2013, the company has more than 100 clients and has facilitated thousands of trades with its interest rate, FX, and hedge accounting technology.

Long-time Finovate alum Currencycloud offers 85 APIs over four modules – collect, convert, manage, and pay – that represent the complete B2B cross-border payment workflow. The company has processed $50+ billion to more than 180 countries around the world.

Most recently demonstrating its technology at FinovateSpring 2018, Currencycloud has raised more than $160 million in funding. The company picked up nearly half that sum in a Series E round at the beginning of the year. In February, Currencycloud announced a partnership with U.K. travel money card, Currensea. Mike Laven is CEO.