As anyone who was at Sibos 2019 in London will testify, it is an exciting time to be in FinTech, especially as a service provider in the UK. London, in particular, has become a leading hub of FinTech innovation. FinTech collaboration is key, and we recently partnered with fellow London-based payment technology provider Currencycloud. In this blog, we discuss how our cloud-based solutions combine to help improve cross-border payments.
The importance of FinTech collaboration in today's Financial Services industry
FinTech collaboration plays an important role in the progression and innovation we are seeing in the Financial Services industry. There are so many processes and integrations that go into creating an effective ecosystem for sending, receiving and protecting payments, and we all need to work together to deliver a better payment experience for customers and end-users.
Our consumer-led digital era demands faster access to information, delivery of services and execution of tasks. The payments space must enable transactions to be instant, successful and compliant. In our increasingly interconnected world, this is no simple thing. FinTech partnerships and integrations help to bolster the services that providers can offer. Our recent partnership with Currencycloud combines cloud-based payment solutions to improve the efficiency of international payments.
How Currencycloud's platform supports global payment providers
Currencycloud builds FinTech tools and utilises cloud-based software to facilitate cross-border payments. Currencycloud currently allows nearly 40 different currencies to be paid across more than 180 countries. According to Currencycloud’s CEO, Mike Laven, this translates to millions of companies and individuals processing payments. Approximately $50 billion in cross-border payments has been processed through its platform to date.
Currencycloud’s customers range from successful FinTech startups, such as Azimo and Revolut, to larger financial organisations like Travelex and Standard Bank. Its technologies help these clients to enable customers to send fast and secure global money transfers, from individuals sending money to family back home or businesses paying each other for services.
Powered by APIs, Currencycloud’s cloud-based platform allows its customers to find competitive exchange rates, transfer funds between two endpoints and meet local compliance at both ends.
Cloud-based payment solutions: How Validate API helps Currencycloud
Apply Financial's partnership with Currencycloud bolsters its payment infrastructure and helps to streamline the process. The partnership ensures that payments are fast and accurate. Our cloud-based payment solution focuses on payment validation. The technology validates beneficiary details for cross-border payments that Currencycloud’s customers process.
The Validate API intuitively guides, validates and enriches international bank payments at payment entry. This allows Currencycloud to reduce payment failures and improve straight-through processing (STP) rates.
Hear Currencycloud speak about Apply Financial's payment validation tools
Piers Marais, Senior Product Owner (Payments) at Currencycloud, had this to say about the FinTech collaboration with Apply Financial:
“We are constantly looking for ways to improve customer experience and reduce friction in the cross-border payment journey. With one simple integration to Apply Financial’s API suite, Currencycloud has been able to extend and enhance its validation coverage in a matter of weeks. Customers will immediately benefit from our new partnership, seeing fewer payments held up in transit or returned back to them, and more payments landing quickly into beneficiary accounts.”
Take a look at this clip from an interview with Currencycloud’s Co-Founder, Stephen Lemon, as he talks to FinTech Finance about the collaborations that help the company to deliver high-quality payment services for its clients.
Apply Financial CEO Mark Bradbury on the partnership with Currencycloud
Here are a few words from Apply Financial’s Founder and CEO, Mark Bradbury, on the partnership with Currencycloud:
“We implemented our solutions to Currencycloud’s system and we’ve been helping them to validate IBANs initially, before going global. Validate API streamlines the end-user experience, immediately providing assistance, support and clarity for people who are entering a payment, to make sure they’re confident payments will go where they’re supposed to go.
This payment validation API is just one of the tech innovations that Currencycloud has added to its system to make it slick and easy to use. We’re delighted to be helping them, as part of a bigger solution, to deliver a better customer experience.”
Read more about Apply Financial’s partnership with Currencycloud in our full press release: Apply Financial and Currencycloud Partner to Remove Customer Friction From Cross-Border Payments.
Summary: Learn more about Validate API
Cloud-based solutions are having a huge impact on businesses across a wide range of industries, due to the efficiency, flexibility and scalability they can offer. In the Financial Services space, Validate API is one of a host of cloud-based payment solutions that are transforming the capabilities for payment providers, banks and other financial institutions.
You can learn more about Validate API on our website and see the impact we’ve created for payment providers with our handy case study: Error-Free Payment Validation Solutions That Reduce Costs and Build Trust. In this case study, you’ll learn how one of the world’s global biggest credit card providers reduces payment errors and data inaccuracies.
Apply Financial is the leading provider of bank payment validation solutions for more than 700 companies worldwide, including banks, financial institutions and service providers. Validate API has saved over £125 million in operational costs for our clients to date. Why not get a free Validate trial? See the software in action and understand how it could help your business.