Innovation, strong demand and appointment of FX veteran serve as primary drivers of success
Currencycloud, an international payments platform, today announced it has gained significant traction in North America after launching its first office outside of Europe a year ago. For the first half of 2016, Currencycloud reports it is processing $0.5 billion in the U.S., and expects this volume to rise. Since opening its doors in New York City, the company has appointed FX veteran Nabeel Siddiqui as Vice President of North America and added a growing roster of clients including:
Vio Commerce – simplifies global peer-to-peer money transfers
Trov – offers on-demand insurance for things you own
Meridex – reduces cost of currency exchange and money transfers for businesses
GetMyBoat – provides Airbnb-like access to boats, kayaks, yachts and jet skis around the world
In a digital and connected economy, businesses are increasingly demanding faster, more efficient and transparent international payment capabilities. Currencycloud’s technology is revolutionizing the payments landscape with wholesale foreign exchange and an extensive network of payment systems worldwide. It has quickly become a preferred solution for companies across a variety of industries.
Currencycloud’s APIs power many banks, payment and digital firms who are looking to scale quickly but are held back by the intricacies of global payments such as integrating with multiple banks and orchestrating their workflows.
In a highly regulated market like the U.S., businesses have had to contend with an additional layer of complexity: each state has different regulations regarding the handling of money. It can take years and a six figure investment for businesses to be fully compliant. Through a single integration with Currencycloud’s API, companies are able to access multi-currency capabilities, outsource their compliance needs and get to market quickly.
“We’re witnessing significant developments in the digital economy across multiple fronts, from evolving regulations, disruptive technologies, to changing business models. Companies are demanding greater transparency in response to the high volumes of business transactions they are generating each month,” said Siddiqui. “The momentum we are seeing in North America is just the tip of the iceberg for Currencycloud and the (r)evolution of business payments.”
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