Currencycloud, FxPro partner to launch new e-money business

Cross-border payments firm Currencycloud has partnered with global broker FxPro to offer a new e-money service called BnkPro.

Currencycloud is a global platform that enables banks and FinTechs to provide foreign exchange solutions for cross border payments. The company offers 85 different APIs which help businesses to collect, convert, manage and pay.

According to Currencycloud, BnkPro will provide the ability for users to access private banking-like services through an app. The app, the firm claims, will enable customers to create a multi-currency digital wallet and require a Mastercard debit card.

Users of BnkPro will be able to make payments using domestic and international facilities, transfer money between their accounts as well as trade and invest in securities amongst other things.

Currencycloud added that the integration of its company into FxPro’s offering ‘expands its geographic reach’ as well as providing access to a number of new local and international payment rails and schemes that make it more simpler for quicker for customers to send, receive and hold funds in multiple currencies.

Currencycloud CRO Nick Cheetham said, “FxPro is a globally renowned broker and we are excited to work with them on this new endeavor which will maximize our Currencycloud Spark solution and allow their customers to pay, receive and hold multiple currencies simultaneously, exchanging currencies when it suits them. Alongside their trading platform, this partnership will be a real value for their customers.”

FxPro Group CEO Charalambos Psimolophitis added, “FxPro Group and our brands have always strived for constant technological innovation, and this integration is another step towards us offering the complete financial services package, facilitating global transfers and multi-currency accounts alongside robust digital investment services. There is no doubt that the partnership with Currencycloud will enable us to reach our goals, provide a top-quality professional product and firmly establish BnkPro Ltd as a leader in this market.”

Currencycloud was recently acquired by Visa in a $700m deal. According to Visa, the acquisition will help it strengthen its foreign exchange capabilities by extending them to better serve financial institutions, FinTechs and partners while enabling new use cases and payment flows.

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