Currencycloud, an international payments platform, today announced the launch of Global Collections. Through the multi-currency accounts receivable offering, banks and other payments companies can allow customers to receive payments across borders without exorbitant fees, long wait times or friction.
In today’s economy, companies must engage in global commerce to compete, creating a complex web of transactions. While information sharing is fast and seamless, the high cost and slow pace of global payments is prohibitive to business growth. According to an Atradius survey, nearly one-third of foreign business customers of companies in both North America and Europe named the “complexity of the payment procedure” as a major factor behind foreign payment delays.
Currencycloud’s Global Collections enables businesses with customers in the U.S. or EU to pay or get paid as if they were a local business — without having a physical presence there. The new functionality allows businesses to generate international bank account numbers (IBANs) and virtual account numbers (VANs) so their customers receive U.S. dollars or Euro transfers without incurring fees.
“Currencycloud has always been committed to building technology that enables businesses to send funds quickly and securely with a click of a mouse. Providing the second half of that equation — receivables — is the natural next step,” said Todd Latham, head of product. “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. Businesses can now focus on what is important — growing, scaling and staying competitive.”
“B2B Pay offers a virtual bank account for non-resident companies. Using Currencycloud’s beta release of Global Collections reshaped the way we approach global payments by significantly reducing the time and expense traditionally associated with it,” said Neil Ambiker, CEO of B2B Pay, a payments service provider for exporting businesses. “It 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.”
- Faster receivables: Same day receipt of funds allows businesses to get paid faster.
- Lowered costs: With access to Currencycloud’s competitive FX rates, companies are no longer at the mercy of the rates large banks provide. They can convert at wholesale rates and hold funds in 35 currencies, avoiding costly fees and markups.
- Easy integration: Customers can easily build their own product on top of Currencycloud’s APIs or use its user interface. End users are not required to open a Currencycloud account, which removes friction from the process.
Global Collections will be rolled out in March.