ClearBank introduces multi-currency offer for international money transfers

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • ClearBank, a cloud-focused clearing bank, has confirmed that it will offer a multi-currency solution for international money transfers.
  • The company has signed up VertoFX, a business-to-business currency exchange and payments service, as it first customer.
  • “We’re delighted to be beginning our journey towards ensuring seamless cross-border payment solutions and to have VertoFX as our first multi-currency customer,” said ClearBank’s chief executive officer.

Leading cloud-focused clearing bank ClearBank has confirmed that it has launched a new multi-currency solution for international money transfers.

The bank said that it had come up with the solution to bring down the charges associated with foreign exchange conversions for small firms, including fintechs.

Users will now be able to connect to small businesses even if one part of the transaction is taking place in the UK and the other in Europe.

This comes after the UK’s decision to leave the EU, which may lead to a rise in the cost of cross-border payments.

ClearBank’s new technology can also be integrated into platforms with a multi-currency offering.

This is expected to have a positive effect on sales and savings.

It is believed that ClearBank’s decision also comes as a result of the monopoly among providers of similar services, which results in a lack of choice for fintechs.

The company also announced the arrival of its first client for the new service in the form of VertoFX.

This firm, which is a business-to-business currency exchange and payments service, is expected to be just the first user of the new service.

It is believed that ClearBank will be looking to roll out the service to e-commerce providers, foreign exchange services, and more.

In a statement, a senior figure at ClearBank said that the company was very pleased with the latest step it had made towards improving the process of cross-border payments.

Charles McManus, who serves as the company’s chief executive officer, said that the organisation was aiming to make international payments more “seamless”.

“We’re delighted to be beginning our journey towards ensuring seamless cross-border payment solutions and to have VertoFX as our first multi-currency customer,” he said in a press statement.

He went on to say that the firm was “confident” that it could build on its pre-existing successes in the online money transfer industry – a success that has, so far, taken place in pound sterling.

“Our contribution to the payments landscape in Sterling has already been incredibly positive and influential, and we’re confident our new, multi-currency offering can continue this notion and meet the demands of the next generation of consumers and businesses and simplify FX.”

If you want to get more details about the workings of the cross-border payments sector from across different regions and different currencies, please head over to our reviews pages.


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