Currencycloud, the leader in providing B2B embedded cross-border solutions, and Tribe Payments, a tech company dedicated to deliver the future of payments technology across the ecosystem, have partnered to deliver complete transparency to foreign exchange costs charged on international card transactions, whilst also giving customers access to multi-currency wallets.
For too long there has been opaqueness around foreign exchange, whether that be what you pay using a card abroad, or when a small business is trying to receive payments made in foreign currencies. According to the European Central Bank, banks across Europe earn hundreds of millions of Euros a year from overcharging small corporate customers for foreign exchange services. In some cases, those rates can be 25 times higher than for bigger, more sophisticated customers (ECB, 2019).
This partnership has been developed to give Tribe Payments partners access to real-time, wholesale FX rates. Tribe Payments will also be looking to offer unique, named virtual accounts in 35 currencies, enabling the ability to receive, store funds and make payments to almost anywhere in the world through Currencycloud Spark.
Through a pre-integrated solution with Tribe Payments the process of offering comprehensive banking services will be far more efficient and straightforward.
Stephen Lemon, Head of Strategic Partnerships and Co-founder, Currencycloud comments: “Our partnership with Tribe payments is really helping digital banks and Fintechs gain access to a wholesale, quick, and easy solution to enhance their customer experience. We are excited to partner with Tribe, a like-minded company looking to innovate and transform the payments processing industry.”
Alex Reddish, Chief Commercial Officer, Tribe Payments comments: “At Tribe Payments, we are on a mission to make payment processing simple and secure, while letting our partners scale quickly. So, this partnership with Currencycloud is perfect as it gives increased scalability to our partners, ensuring they are growing their competitive advantage. We are really looking forward to growing this partnership to mitigate our customer’s pain points.”
Currencycloud and Tribe Payments will continue to evolve the partnership. The integration on FX will be available in Q4.
ENDS
PR contacts:
Currencycloud: matt.rowntree@currencycloud.com
Tribe Payments: jessica@tribepayments.com
About Currencycloud:
Moving money around the world is hard. Setting up overseas bank accounts and dealing with distinct regulatory regimes takes up time, money, and resources. Currencycloud removes that pain, helping customers achieve their ambitions sooner than they dared dream. With a global, multi-currency account infrastructure, customers are able to collect, convert, pay and manage multiple currencies, anywhere in the world. Launched in 2012, Currencycloud has processed more than $65bn to over 180 countries, working with banks and Fintechs around the world, including Starling Bank, Revolut, Penta and Lunar. Based in London with offices in New York, Amsterdam and Cardiff, Currencycloud works with partners including Visa, Dwolla, and Mambu to deliver simple, clear financial infrastructure solutions for clients. They are regulated in the UK, US, and the EU.
About Tribe Payments:
Tribe Payments is an issuer and acquirer processor, and payment technology provider to banks, Fintechs and any business that wants to offer payment services to merchants and consumers. Created by the best payment experts in the world, Tribe offers a digital wallet, access to banking systems and rails, a payment gateway and a host of third-party services from KYC to fraud prevention via its online marketplace.
All aspects of Tribe’s products are provided via a modular platform, meaning functionality can be mixed and matched without risking disruption or downtime. Tribe’s disposable technology means it is the only provider to fully break the ‘legacy-cycle’, ensuring zero-obsolescence and use of containerisation to minimise risk.
As Europe’s first issuer and acquirer processor working with Mastercard, Visa, JCB and UnionPay International, Tribe offer unrivalled market connectivity. It helps its customers to build global scale, securely—with PCI Level 1 compliance and Level 3 data centre support.
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