Currencycloud has teamed with Moov, a developer platform focused on payments, in order to bolster payment capabilities for each other’s customers.
According to Currencycloud, the partnership will open new capabilities for customers of both companies. Firms that work with Currencycloud will be able to expand in the domestic US payments ecosystem.
Moov accepts, stores and disburses money domestically, while Currencycloud moves money internationally as well as handling currency exchange. The two firms are already collaborating on several joint customer deals.
Currencycloud added that both firms currently provide customers with embedded finance solutions – a set-up that is ideal for B2B payments or business-to-individuals. The company gave an example that through the partnership, a joint customer providing software for contractors can now offer the ability to pay subcontractors within their platform both in the US and internationally.
Currencycloud director of strategic partnerships, North America, Cara Hayward said, “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. 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.”
Moov CEO Wade Arnold added, “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.”
Currencycloud recently teamed with B2B alternative finance provider Growth Lending to boost access to funds for clients. Currencycloud noted that clients will enjoy rapid access to funds, greater flexibility and access to leading FX solutions through the new partnership.
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