Currencycloud, the international Payments Engine behind countless financial firms, announces a new partnership with Arkéa Banking Services, a subsidiary of Credit Mutuel Arkea. Through the partnership, Currencycloud will offer Euro bank accounts to its clients as well as have direct access to European payments systems. Currencycloud’s clients will benefit from faster payments and massively improved reconciliation.
This partnership will enable Currencycloud to process international payments through TARGET2 (Trans-European Automated Real-time Gross settlement Express Transfer system) – the European equivalent of the UK’s CHAPS, which offers real-time payment settlement. This builds on and enhances existing capabilities that allow cross-border Euro payments. The benefits are huge. For example, Currencycloud’s US customers will now be able to send low cost, next-day payments to anywhere in Europe – its most significant trading partner.
Currencycloud will also be able to create individual Euro denominated IBAN accounts for its clients, and their end customers. For customers who have complex, high volume B2B payment flows this is critical to enable them to manage the enormous challenge of reconciliation. Through Currencycloud’s advanced APIs, customers will be able to create bank accounts for each of their end users, and payments will be sent directly to and from these accounts.
Mike Laven, CEO Currencycloud comments: “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.”