Currencycloud Processes $0.5 Billion in U.S. in H1 2016 as Demand Rises for Simplified International Payments
Innovation, strong demand and appointment of FX veteran serve as
primary drivers of success
NEW YORK–(BUSINESS WIRE)–#API—Currencycloud,
an international payments platform, today announced it has gained
significant traction in North America after launching its first office
outside of Europe a year ago. For the first half of 2016, Currencycloud
reports it is processing $0.5 billion in the U.S., and expects this
volume to rise. Since opening its doors in New York City, the company
has appointed FX veteran Nabeel Siddiqui as Vice President of North
America and added a growing roster of clients including:
-
Vio
Commerce – simplifies global peer-to-peer money transfers -
Trov
– offers on-demand insurance for things you own -
Meridex
– reduces cost of currency exchange and money transfers for businesses -
GetMyBoat
– provides Airbnb-like access to boats, kayaks, yachts and jet skis
around the world
In a digital and connected economy, businesses are increasingly
demanding faster, more efficient and transparent international payment
capabilities. Currencycloud’s technology is revolutionizing the payments
landscape with wholesale foreign exchange and an extensive network of
payment systems worldwide. It has quickly become a preferred solution
for companies across a variety of industries.
Currencycloud’s APIs power many banks, payment and digital firms who are
looking to scale quickly but are held back by the intricacies of global
payments such as integrating with multiple banks and orchestrating their
workflows.
In a highly regulated market like the U.S., businesses have had to
contend with an additional layer of complexity: each state has different
regulations regarding the handling of money. It can take years and a six
figure investment for businesses to be fully compliant. Through a single
integration with Currencycloud’s
API, companies are able to access multi-currency capabilities,
outsource their compliance needs and get to market quickly.
“We’re witnessing significant developments in the digital economy across
multiple fronts, from evolving regulations, disruptive technologies, to
changing business models. Companies are demanding greater transparency
in response to the high volumes of business transactions they are
generating each month,” said Siddiqui.
“The momentum we are seeing in North America is just the tip of the
iceberg for Currencycloud and the (r)evolution of business payments.”
About Currencycloud
Currencycloud’s Payment Engine is the power inside countless businesses,
driving the transformation of the global payments landscape. The company
is re-imagining the way money flows through the global digital economy,
allowing payment firms to remove the friction and inefficiencies of
traditional cross-border payments using its flexible APIs. Launched in
2012, Currencycloud is based in London and is regulated in Europe, the
U.S. and Canada. For more information about the company, please visit www.currencycloud.com.
Contacts
Media
Hotwire PR for Currencycloud
Jennifer
Sricharoenchaikit, 646-738-8960
CurrencycloudUS@hotwirepr.com
