Plaid, a top open banking platform, and Currencycloud, a multi-currency transfers Fintech, have agreed to a strategic partnership, according to a release. The collaboration between the two firms is expected to deliver new joint solutions to make it easier for firms in the UK, including foreign exchange brokers, Fintech companies and banks, to operate in multiple currencies.
Previously, users of Currencycloud Direct, a white label solution, had to leave the app to make a top-up payment into their account from their chosen bank. By partnering with Plaid, users will no longer need to leave the platform thus streamlining the process. By embedding Plaid’s Payment Initiation Services (PIS) into Currencycloud’s platform customers will be able to pull money directly into their account from any bank. Following the integration into Currencycloud Direct, the solution will be available across the entire Currencycloud platform.
Currencycloud notes that at this time 80% of all incoming credits are now available to customers within one second of reaching Currencycloud.
Stuart Bailey, Chief Product Officer at Currencycloud, said they are always looking for ways to improve a customers’ experience.
“The integration of this solution will do just that, removing friction in their experience by keeping them on our platform from the start to finish of each transaction. We’re looking forward to working closely with Plaid to continue to improve the experience for our customers.”
Farid Sedjelmaci, Head of European Partnerships at Plaid, said it is still very difficult to move money across continents. Accepting, settling, and converting payments is complicated, and expensive.
“However, Fintech companies like Currencycloud are reshaping the processes and simplifying foreign exchange,” said Sedjelmaci. “Combining Plaid’s Payment Initiation Services with Currencycloud’s all-inclusive platform for foreign exchange provides a smooth payment experience that obscures all of the complications with online global money movement.”