With Global Collections, banks and payment companies can offer their clients a low-fee cross-border payment acceptance tool that is faster and has less friction than traditional offerings. The new capability allows businesses in the U.S. or E.U. to generate international bank account numbers (IBANs) and Virtual Account Numbers (VANs) so they can receive U.S. dollars or Euros without incurring fees. In other words, businesses can get paid in foreign currencies as if they were operating their business locally.
Neil Ambiker, CEO of payments company B2B Pay, said, “[Global Collections] does so much more than streamline account receivables. It has empowered us to provide customers a frictionless experience, foster trust in our brand and most importantly, grow at an international level.”
While Currencycloud has always offered the ability to send funds, the collections capability is new. Todd Latham, Currencycloud CMO and Head of Product described the move as a “natural next step.” He added, “This launch is a revolution in collections and provides the infrastructure needed to fast track B2B innovation, allowing companies to go global while acting local.”
Currencycloud will roll out Global Collections later this month.
Founded in 2012 and headquartered in London, Currencycloud most recently presented at FinovateFall 2016 where it debuted its Payment Engine. Earlier this month, the company was named an “outstanding place to work,” and last June was listed in CB Insights’ Fintech 250.