U.S. digital bank Radius Bank announced on Monday it has formed a partnership with cross-border solutions provider Currencycloud to offer Radius clients to send money to more than 180 countries around the world.
Radius Bank reported that it is using Currencycloud’s APIs to send outgoing payments to international destinations they were unable to reach before on behalf of their clients. The banking group noted that following increased customer demand for international wire transfers for both its own clients and their Banking-as-a-Service partners, it sought to find a solution that was able to be integrated quickly.
While sharing details about the partnership, Phil Peters, EVP Chief Operating Officer at Radius Bank, stated:
“As an ever-growing full-service digital bank, our clients needed a way to make payments all over the world without delay. Our integration with Currencycloud allows us to do just that.”
Richard Arundel, General Manager North America and Co-founder of Currencycloud, further commented:
“The breadth of our technology and speed of integration made us the perfect fit for them when they were looking to expand their customer offering. The ability to build, adapt and expand their customer offering for cross-border payments for both consumers and businesses of all sizes, is now in-house and world class.”
Radius Bank added that its clients may now take advantage of this service by contacting Radius Bank customer service team.
The collaboration with Currencycloud comes just a little over six months after LendingClub (NYSE: LC) announced its intent to acquire Radius Bank. LendingClub is the largest online lending marketplace in the US. Radius offers the full stack of banking services including, checking/savings, personal financial management, global ATM access while also assisting a good number of other Fintechs, such as Nerd Wallet and others, to provide certain banking features.
Scott Sanborn, CEO of LendingClub, recently shared with CI that he and his team are continuing to work toward completing the acquisition, which is yet to close due to regulatory requirements. Sanborn noted that the acquisition will improve LendingClub’s profitability while enabling him and his team to better serve the LendingClub members.
