Transfergo partners Currencycloud for cross border payments
Written by Hannah McGrath
Money transfer firm Transfergo has partnered with global payments platform Currencycloud to extend their cross border payments businesses to 55 new markets.
The partnership will extend TransferGo’s Peer to Peer (P2P) payments offering to 14 new markets including Africa and Asia in the first three months of 2020, making the service available in 69 countries across the world.
The World Bank estimates that annual remittances flows to low- and middle-income countries reached $529 billion in 2018, a 9.6 per cent increase from the previous year.
Transfergo’s tie up with Currencycloud aims at making transferring funds across borders less cumbersome while bypassing the bureaucracy and fees imposed by banks for processing payments in other countries and currencies.
Daumantas Dvilinskas, chief executive of Transfergo, said: “Our mission is to create financial options and access for hardworking migrant communities around the world. At the same time, we recognise that our customers the world over have unique money transfer needs. Our partnership with Currencycloud will help us meet these varying needs with further scale and reach.”
Launched in 2012, Currencycloud has 85 different APIs across four modules – collect, convert, pay and manage – that cover the entire workflow in B2B cross-border payments. The as-a-service platform is proprietary and is cloud-based on AWS.
Digby Try, vice president of sales, EMEA at Currencycloud said: “Currencycloud was launched with the intention of democratising cross-border payments. Working with TransferGo is a perfect example of how we envisaged helping to make the complicated, opaque and expensive process of sending money overseas far more simple.”
To learn more – please read the 2019 Digital Trends: Financial Services in Focus report. Download here