- OANDA FX, which is famous for being the first internet provider of no-cost currency exchange rate data, will work with Currencycloud and the Canadian firm Shift Connect.
- The firms will combine their offerings for a specific product, which will be aimed at corporate clients that want to better manage their currency risks in the form of ‘hedging’.
- Spokespeople for the firms said that they were pleased about the new collaboration, with Currencycloud saying that the offer will be unique.
Corporate cross-border payments provider Currencycloud has announced a collaboration with a premier internet-based foreign exchange provider.
The firm will work with OANDA FX to deliver the new service, which will be focused on North America.
The two companies will join forces to set up an international money transfer system for the region.
A third party, called Shift Connect, will deliver the customer service side of the arrangement.
Shift Connect is based in Canada.
OANDA FX will deliver the core of the service.
The company already offers transfer services in more than 30 global currencies.
Its customers include firms looking to pull down the risk of making large international transactions by ‘hedging’.
This allows them to recoup some losses if a currency exchange rate does not go their way.
Currencycloud, meanwhile, will offer payment technology support to be combined with OANDA FX’s foreign exchange capacity.
In a statement to the press, a major name at Currencycloud said that this exact offer could not be found anywhere else on the market.
Richard Arundel, who is currently serving as the North American general manager at Currencycloud and who also co-founded the firm, praised the collaboration required to make it happen.
“This is a unique proposition for OANDA and its corporate FX clients,” he said.
“By working closely with our existing partner, Shift Connect, in North America, we have been able to create a one-of-a-kind cross-border payment solution for OANDA,” he added.
For Shift Connect, meanwhile, the chief executive officer there said that the collaboration works well given the expansion record of the company.
Dave Kelcher said that his company was “uniquely placed” to help.
“As we have started to expand into new territories across the globe, and our partnership with Currencycloud expands, we were uniquely placed to create new solutions for OANDA’s corporate FX clients who make international payments,” said Kelcher.
OANDA FX, meanwhile, is a firm based in New York that was set up 1996.
It has an unusual claim to fame as the first business to post no-cost exchange rate information online.
Currencycloud, meanwhile, was set up in 2012 and has since expanded its reach to around 180 nations across the globe.
It works with both fintech firms and traditional financial services providers and is based in London.
These firms are just three of the many companies working hard to help customers in the online money transfer space – to find out more about the market leaders, just go to this link and read some reviews.
