Currencycloud and Crédit Mutuel Arkéa target faster payments
Mike Laven, Currencycloud
London-based Currencycloud is partnering with Arkéa Banking Services, a subsidiary of Credit Mutuel Arkea, to offer clients its Euro bank accounts and direct access to European payments systems.
This partnership will enable Currencycloud to process international payments through Target2 for real-time payment settlement. It says this builds on and “enhances” existing capabilities that allow cross-border Euro payments.
Mike Laven, CEO of Currencycloud, says: “With current ambiguity around the UK’s membership of the EU, it’s more important than ever that we are able to offer our clients direct access to the European market.”
Currencycloud also says its US customers will now be able to send low cost, next-day payments to anywhere in Europe – its “most significant trading partner”.
Currencycloud will be able to create individual Euro denominated IBAN accounts for its clients, and their end customers. For customers who have complex, high volume B2B payment flows this is “critical to enable them to manage the enormous challenge of reconciliation”.
Through its APIs, customers will be able to create bank accounts for each of their end users, and payments will be sent directly to and from these accounts.
In a recent opinion piece for Banking Technology, Laven looked at “IoT and the banking revolution” – and how it opens a door into the future that is driven by the quality, personalisation and convenience of the customer experience.
