Fintech Currencycloud, an international payments platform, has announced the launch of Global Collections. Leveraging multi-currency accounts receivable offering, banks and other payments companies may allow customers to receive payments across borders without the typically exorbitant fees and extensive delays prevalent in payment transfers today. Currencycloud is based in London and is regulated in Europe and the U.S.
Todd Latham, CMO and Head of Product, says receivables are the second half of the equation when it comes to payments;
“This launch is a revolution in collections and provides the infrastructure needed to fast track B2B innovation, allowing companies to go global while acting local. Businesses can now focus on what is important — growing, scaling and staying competitive.”
Currently, the high cost and slow pace of global payments is prohibitive to business growth. Referencing an Atradius survey, Currencycloud says nearly one-third of foreign business customers of companies in both North America and Europe named the “complexity of the payment procedure” as a major factor behind foreign payment delays.
Currencycloud’s Global Collections enables businesses with customers in the U.S. or EU to pay or get paid as if they were a local business — without having a physical presence there. The new functionality allows businesses to generate international bank account numbers (IBANs) and Virtual Account Numbers (VANs) so their customers receive U.S. dollars or Euro transfers without incurring fees.