MoneyCorp Implements API, Distribution Agreement with BankClarity

Moneycorp, the global foreign exchange and payments provider with more than £38 billion of trades across 120 different currencies, has implemented an API and distribution agreement with BankClarity, which claims to be the leading banking tech provider to non-bank financial institutions.

The partnership means that BankClarity’s customers may now achieve more competitive foreign exchange and straight-through processing (STP) of cross-border payments, leveraging API technology and global payments solutions. Customers may be able to access live market rates, aggregated from 14 Moneycorp partner banking institutions. This should help with improving the services of BankClarity’s existing suite of banking and FX partners.

Moneycorp’s payments API offers the building blocks for safer, quicker and more secure international payments. Furthermore, their optimized network minimizes payment processing delays and failures, thus enhancing payment services via BankClarity.

Notably, the agreement will significantly benefit international providers of administration services to global corporations, trusts and funds.

Francesco Giovanni Ghizzardi, Head of Payments Solutions of Moneycorp, said:

“As two progressive businesses with a relentless focus on solving client needs, it’s brilliant to see our partnership with BankClarity flourish. Implementing Moneycorp’s expertly engineered payments API will streamline foreign exchange and cross-border payments for BankClarity’s clients. Our highly valued expertise means that BankClarity clients will have the best service on offer, and we know it will provide efficiency, powering growth at every stage.”

Aidan McAvinue, Chief Executive of BankClarity, commented:

“Partnering with Moneycorp is an incredibly powerful development for our clients and significantly enhances our offering across leading clearing banks and third-party providers, with a range of booking centres and payment solutions. Moneycorp’s API complements our existing suite of banking and FX partners and ensures we continue to bring harmony and efficiency to every aspect of the activity surrounding the administration of complex cross-border transactions.”

As covered in August 2022, Qolo, which aims to serve as the B2B payments hub for the “New Economy,” and moneycorp, a foreign exchange and cross-border payments provider, announced the launch of an integrated foreign exchange (FX) payment solution.

As noted in a release shared with CI:

“Global businesses, importers and exporters, online sellers and multi-currency card programs can now access a lower cost, automated payment solution with same-to-same currency settlement.”

Qolo and moneycorp said they’re looking for different ways to innovate how firms, particularly those focused on the gig economy, and globe business, can achieve greater efficiency around digital payments.

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