Currencycloud partners with Plaid to deliver seamless payment solution for clients

Currencycloud, the experts in simplifying business in a multi-currency world, have agreed to a strategic partnership with Plaid, open finance network and payments platform, that will deliver new joint solutions to make it easy for firms in the UK, including foreign exchange brokers, Fintech companies and banks, to operate in multiple currencies.

Until now, customers using the Currencycloud Direct white label solution have had to leave the app to make a top-up payment into their account from their chosen bank – a very manual, laborious, and time-consuming process.

The partnership with Plaid allows customers to fund their accounts without ever leaving the platform, simplifying the payment journey. Embedding Plaid’s Payment Initiation Services (PIS) into Currencycloud’s platform means customers will be able to pull money directly into their account from any bank, making the process that much slicker. Following the integration into Currencycloud Direct, the solution will be available across the entire Currencycloud platform.

Currencycloud is always looking for ways to improve the funding process, remove friction and make it easier for customers using the platform to convert and pay money around the globe. Huge progress has been made in this space, with 80% of all incoming credits now available to customers within one second of reaching Currencycloud.

Stuart Bailey, Chief Product Officer at Currencycloud, said: “We are always looking for ways to improve our 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.”

“The internet has made business more borderless than ever before, but it is incredibly difficult to move money across countries. Accepting, settling, and converting payments is complicated, expensive, and can take time. However, fintech companies like Currencycloud are reshaping the processes and simplifying foreign exchange,” said Farid Sedjelmaci, Head of European Partnerships at Plaid. “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.”