Currencycloud, which builds international payment solutions and infrastructure, has teamed up with Switzerland-based Velanis AG to support the launch of Swinto.
Swinto is a financial app that offers easy and accessible instant money transfers to Swiss-based Kosovars, at no charge to them.
This app was built to remove the time and complexity the Kosovar population faces when sending money home through Swiss-based banks. Users will be able to instantly transfer money to friends and family back home at no cost. Additionally, users can make retail and online purchases with the app.
Swinto leverages Currencycloud’s APIs to offer low-cost foreign exchange conversions for currencies including CHF, EUR, GBP and USD currencies.
This partnership will allow Swinto to increase its currency offerings as it expands to other regions in Western Europe and the Western Balkans, including Albania.
Swinto Group CEO Alban Nevzati said, “Swinto was created to financially serve the underserved, to include unbanked customers in the financial system, and to contribute to the formalization of the Kosova economy.
“We aim to connect Kosovars living in different countries via the Swinto app for sending and receiving the almost one billion euros that flows through Kosova annually. Swinto is the only company that offers free, outsourced transactions and is creating an ecosystem to generate added value for all participants, starting with individuals, then to businesses and partner banks; adding value to each.”
Currencycloud has formed multiple partnerships this year. It recently teamed up with micro-investment platform Wombat Invest. The partnership enabled Wombat to launch a new instant investment solution to aid instant investors in the UK and US markets.
Another recent development from Currencycloud was its approval for an Australian Financial Services (AFS) license by the Australian Securities and Investments Commission.
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