- Currencycloud teamed up with Future FinTech Labs (FTFT Labs) to help the New York City-based fintech launch its Tempo app.
- Tempo is designed to make it easier, more secure and more effective for U.S. immigrants to send money overseas.
- Acquired by Visa in 2021, Currencycloud has processed more than $100 billion in cross-border money transfers since inception in 2012.
Global payments solutions and infrastructure company Currencycloud has partnered with Future FinTech Labs (FTFT Labs) to help the NYC-based fintech launch a new remittance solution for U.S.-based immigrants. The new offering, an app called Tempo, will help immigrants living in the U.S. send money securely to North America, Italy, Spain, France, Germany, the United Kingdom, India, and the Philippines.
Tempo will gives FTFT Labs customers access to a multi-currency wallet that makes sending money internationally easier and more cost-effective compared to other high-fee remittance services. Tempo app users will be able to leverage both FTFT Labs’ Conversion Tool to buy and trade currencies and use FTFT Labs’ Funds feature to top off their digital wallet.
“Tempo represents an easy, fast, and secure way to transfer money cross-border,” FTFT Labs CEO Sean Liu said. “Working with Currencycloud and using the breadth of services it allows us to offer our customers a seamless process from start to finish. We are confident we will be able to continue to make remittance a seamless process for our end users.”
Tempo users pay a fee of $2.99 pre-transaction – although the company is currently offering customers fee-free transactions when they sign up. Transfers via Tempo take place instantly rather than over the three business days typical of other money transfer apps, and users can send as little as $20 or as much as $1,500. Tempo sees its transfer amount limit as an advantage compared to other money transfer apps that do not have a limit, seeing the limit as a way to help ensure “a high level of security, by design, for users.” The Tempo app is available for both Android and iOs devices.
Making its Finovate debut in 2012, Currencycloud most recently demonstrated its technology at FinovateSpring 2018. The London-based company serves banks, fintechs, and foreign exchange brokerages, helping them and their customers make seamless and secure cross-border transactions in multiple currencies. Since inception, Currencycloud has processed more than $100 billion transferred between more than 180 countries. Acquired by Visa in 2021, the company includes fellow Finovate alums Dwolla and Mambu among its partners. Currencycloud maintains offices in New York, Amsterdam, Cardiff, and Singapore.
“Migrants in the U.S. should be able to send money cross-border without friction and without prohibitive costs,” Currencycloud VP of Sales Lewis Nurcombe said. “A fintech like Future FinTech Labs understands the needs of working people wanting to send money to family and friends, and as such is successfully reimagining how money flows for this huge market.”
Future FinTech Labs is a subsidiary and research and development center for FTFT Group. FTFT Labs is dedicated to designing, developing, and providing operational support for FTFT’s digital banking and payment services offerings.