- Currencycloud will work with wealth management and banking-as-a-service firm Fortu Wealth to offer services such as virtual IBAN issuing and competitive online money transfer services.
- Fortu said that the new arrangement will help customers to access a more international business scene and to be free from the strains of legacy systems.
- Fortu is used by a more digital audience and was described by Currencycloud as a firm that is opening up access to wealth management to a broader customer base.
Leading business-to-business international money transfers company Currencycloud has confirmed a new commercial relationship with the fintech firm Fortu Wealth.
Fortu is used by wealthy people to manage their money and also by wealth management professionals to offer banking as-a-service.
Its customers will now be able to place international money transfers in multiple currencies, and in an embedded way.
This will be powered by Currencycloud Spark’s contribution to the partnership.
As a result, Fortu customers will find themselves able to benefit from the competitive forex rates offered by Currencycloud.
They will also be able to secure virtual IBANs, again by using Currencycloud Spark.
In a press statement, a senior leader at Fortu described the new combination between the two firms as a way of helping Fortu’s clients become more international in their business dealings.
Azamat Sultanov, who co-founded the firm and now serves as its chief executive officer, said that the arrangement tackled a serious problem with the slowness of old payments infrastructures.
“For too long, our customers have had to deal with slow legacy technology and an outdated approach when it came to making international payments.”
“The partnership will allow all Fortu users to be truly global in their approach, making cross-border payments seamlessly,” he added.
For Currencycloud, a senior figure there praised Fortu for taking steps to open up the world of private banking.
Nick Cheetham, who works as the company’s chief revenue officer, said that Fortu was able to help people with a stronger digital focus use the industry’s services.
“Private banking has been the reserve of a select few traditional names, but Fortu is changing the dynamic of the industry and appealing to a broader, digital audience that has been under-served by traditional institutions,” he commented.
Currencycloud has long since been a big name in the cross-border payments field.
The company was founded in 2012 and has since opened offices in key locations and cities across the world.
A few years ago, it secured well over US$20m in Series D funding.
The firm offers a range of functions, including application programming interfaces (APIs), which allow its services to be embedded into clients’ existing tech architectures.
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