Fintech agency Currencycloud has launched a brand new API that provides SWIFT GPI monitoring of worldwide funds.
Beforehand, the one entities offering cross-border transaction monitoring providers had been banking establishments. Currencycloud goals to enter this market, and plans to make fee monitoring as easy as monitoring packages.
Mike Laven, CEO at Currencycloud, claims that his agency has managed to scale back the time to decision for worldwide fee monitoring “more than ten-fold” since introducing SWIFT gpi.
Laven says that the brand new resolution is fast at resolving prospects’ points associated to cross-border transactions.
“We are proud to be one of the first non-banks to be able to offer these same benefits directly to our clients and to our clients’ customers, further reducing admin and saving business-critical time when payments fail or are delayed.”
By providing fee monitoring choices by way of an API, Currencycloud’s prospects will be capable to move on or present this identical functionality to its shoppers.
Currencycloud has reportedly run profitable (preliminary) testing of the brand new resolution with main Fintech suppliers, together with Cash Mover, Penta, and TransferGo.
These three corporations are early adopters, whereas the others could think about this as a possible resolution to the present points with cross-border transactions, which are sometimes delayed as a result of numerous communication and technical issues.
Earlier this 12 months, Currencycloud had acquired $80 million in capital by means of a funding spherical backed by funds large Visa.
Primarily based within the UK, Currencycloud’s predominant enterprise entails promoting fee software program to banks and Fintech suppliers, which they use to finish cross-border transfers. Though the corporate is probably not as widely-known as consumer-oriented rivals like Monzo and Revolut, it gives a few of the very important “plumbing” within the background for these apps to perform correctly.
Laven famous (earlier this 12 months):
“We call the segment embedded finance. We’re probably the most important business that you’ve never heard of. But that’s conscientious on our part. We do not have a strategy where we compete with our customers.”