Currencycloud has rolled out Currencycloud Spark with Starling Bank, TranSwap and Remitr.

The multi-currency wallet enables businesses - and their customers - to receive, store funds and make payments in more than 30 different currencies, almost anywhere in the world.

A statement from the cross-border money transfer firm said that the difficulty in opening accounts in a foreign currency means that firms regularly run into invoicing hurdles - with payment processes that are opaque, expensive and protracted.

Currencycloud Spark lets financial firms create accounts for their customers to receive, pay-out and move money in different currencies. Using unique International Bank Account Numbers (IBANs), means that this is all done via one multi-currency wallet in their own name.

The pilot programme for Currencycloud Spark was announced in 2019. Ahead of launch, over 30 FinTechs signed up to the functionality.

Remitr Global Business Account (GBA) recently launched with the help of Currencycloud Spark. GBA empowers small businesses to get paid in multiple currencies without paying bank fees or having to open an overseas bank account.

Starling Bank is using the trial to help small business customers open USD accounts, while TranSwap used Currencycloud Spark to power its Global Borderless Virtual Account.

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