Currency Cloud: A Transparent Service for International Payments
Michael Laven, CEO, Currency Cloud
- Currendy Cloud, a technology platform that allows businesses to make international payments, analyses its low cost, transparent and highly automated process.

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Miscellaneous

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Currency Cloud: A Transparent Service for International Payments
Michael Laven, CEO, Currency Cloud
- Currendy Cloud, a technology platform that allows businesses to make international payments, analyses its low cost, transparent and highly automated process.

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Diarra Smith - Diarra Smith, Operations Manager, Knowledge Peers

30 Jan 2014

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Key points

Currency Cloud is a service for businesses to make international payments using advanced technology in a simple, low cost, transparent and highly automated process. The platform provides the mid-market rate, informing the customer about what the rate is, what rate the platform has bought out, and consequently, fix the amount charged.
Currency Cloud accepts a wide range of transactions, from a few pounds to millions. When the customer executes a transaction, the rate is already guaranteed. When the transaction is received the rate is hedged in real time, and therefore the customer is protected. The customer sends the funds, the platform purchases the cash for them and then send them on.
Currency Cloud uses a series of different banking suppliers for the foreign exchange. However, the exchange is being made in London at Capital Markets rate and then send local currency which is dispersed in each individual country. The platform also aims with its local payment network to tackle correspondent fees and intermediate bank charges.
There are 3 different ways for a company to connect to Currency Cloud. The first is through the online platform. The second is to use Currency Cloud’s API, which is an interface into the guts of currency cloud, and the business builds that API into its purchasing or accounting system. The platform has worked with providers of applications packages. This is the third way to connect.
The business, its directors and shareholders must be identified. The platform collects the information about the business and then the approval comes almost immediately. Regulators require that a money laundering check will be made. The average payment is £20,000 to £30,000.

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