- Currencycloud and Global Processing Services (GPS) will work together to offer enterprise-grade global payments to financial technology companies on a pre-integrated basis, giving clients the option to access a globalised banking network.
- Around 300 currency pairs are available via the Currencycloud platform, and the new partnership will expand this reach even further.
- A spokesperson for Currencycloud said that “by working with Currencycloud and GPS, fintechs can reduce the complexity involved and get to market much more quickly for a fraction of the cost of self-building”.
Payment processing company Global Processing Services (GPS) has confirmed that it is pairing with Currencycloud.
Currencycloud, which offers multi-currency business services, will work with GPS as part of a new project to make cross-border payments more inclusive for firms.
The new enterprise-grade payments service will be available off the shelf and will be what the firm described as “pre-integrated”.
It will give customers the option to get into a globalised banking network and receive bank cards.
It will also provide business clients with regulatory and compliance services.
Currencycloud offers a maximum of 34 different foreign currency wallets and charges at wholesale rates, which are determined in real-time.
This means that customers can secure their currency purchases before they travel.
In total, around 300 currencies pairs are available.
In a statement, a senior leader at GPS described the move as a way to boost “speed to market” for financial technology companies, which are expected to form the basis of the market for the next product.
Shaun Puckrin, who is the chief product officer at GPS, added that the move would provide an additional “competitive advantage” to companies in this situation.
“There is a major opportunity for payment players to further displace cash with seamless card-based FX payments,” he said.
“Integrating our respective platforms provides fintechs with enterprise-grade capabilities, driving speed to market, and an invaluable competitive advantage as we emerge from the pandemic.”
For Currencycloud, the firm’s co-founder and vice president for Partnerships & Enterprise – Stephen Lemon – said that the two firms could help to reduce the amount of effort that clients need to expend in order to get this going.
He explained that it could, in some cases, “reduce the complexity involved” in setting up a service that could be used on a multi-currency basis to just a fraction of the alternative.
“For fintechs, building a multi-currency solution requires a huge effort across multiple functional and regulatory domains,” he said
“By working with Currencycloud and GPS, fintechs can reduce the complexity involved and get to market much more quickly for a fraction of the cost of self-building, while vastly reducing ongoing operational risk and overhead.”
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