CurrencyFair, a cross-border payments solution provider, and Assembly Payments, whose platform aims to fully automate complex payment workflows, recently revealed that they’ve merged operations as part of a strategic investment from Standard Chartered (which is subject to shareholder approval and regulatory clearance).
As noted by its management, CurrencyFair is a rapidly growing international payments firm, including a “unique” peer-to-peer FX marketplace, “at the forefront of the migration of international transaction payment services online.”
CurrencyFair aims to be “the most transparent and most competitively priced option for people who care about their money and would like to save on the speed and costs of making international payments compared to other online options and banks,” the company’s management claims.
As mentioned on Assembly Payments’ official website:
“Assembly’s payment APIs help businesses manage multiple payment workflows and move funds, so they can pay and get paid without delays. We go beyond integrating several payment types and apply our real time expertise to a reliable micro-service architecture that powers your payment workflows. Using APIs, we enable authentication, liquidity, payment and settlement with zero wait-times.”
SC Ventures, the innovation, ventures and Fintech investments division of Standard Chartered aims to double down on its commitment and goal to support the fast-evolving payments sector, following its prevous investment in Assembly Payments (last year). Paul Byrne, CEO at CurrencyFair, will be responsible for leading the merged business entity.
Bill Winters, Group Chief Executive of Standard Chartered, stated:
“Digital payments is a core strategic area for Standard Chartered and our 2020 investment in Assembly Payments greatly enhanced our presence in the domestic payments business. By bringing together the complementary strengths of CurrencyFair and Assembly, we are supporting the merged company in offering the full range of payment services, providing retail and corporate clients access to fast, high-volume domestic and cross-border payments.”
As covered in February 2021, Standard Chartered’s virtual bank Mox now claims around 80,000 customers and over 1.5 million transactions were made with Mox card.
As reported in January 20201, new digital banking services were to be offered by Standard Chartered and Indonesia’s Bukalapak via the Nexus Platform.