Visa-owned FX and cross-border payments company Currencycloud has announced it is partnering with Moov.

Moov is a US-based developer platform focussing on the payment experience.

Moov accepts, stores, and disburses money domestically, while Currencycloud moves money internationally as well as handling currency exchange.

Currencycloud said the move would help improve a range of international and domestic payments capabilities for each of the companies’ customers.

The new partnership will enable businesses working with Currencycloud to expand in the domestic US payments market.

“Embedded finance has gained a lot of momentum in the last 12 months, and demand from customers for financial solutions they can integrate into their businesses is accelerating,” said Cara Hayward, director of strategic partnerships, North America, Currencycloud. “Moov is a great example of what makes embedded finance so powerful by enabling businesses to accept, store and disburse customers’ money simply and effectively.”

In December, Visa announced it had completed the acquisition of Currencycloud in a deal that valued the company at $963 million (£700 million).

Wade Arnold, chief executive at Moov said: “Moov is excited about this partnership because both companies were founded on a similar premise: to make moving money easier. We approach the problem from different angles – Currencycloud tackles international payments, and Moov domestic. Together our services complement each other in a way that our customers are going to benefit from immensely.”

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