Cobase and Ebury team up for FX services
Collaborations between fintechs has been the theme of commercial payments this year. By offering complimentary services the fintechs can compete against giant financial services incumbents.
This week, Netherlands-based non-bank payments company Cobase has partnered with the UK based FX broker, Ebury to launch FX services on Cobase’s multi-banking platform.
Earlier this year, OpenPayd launched its offering in real-time FX while Qolo and Moneycorp partnered to integrate cross-border payments solution.
Cobase deals with cloud-based corporate multi banking solution while Ebury works in cross-border FX risk management. Earlier this year, Banco Santander, the multinational bank and financial services company acquired a 50.1% stake in Ebury for £350 million.
Under this collaboration, Cobase will add Ebury’s services to its platform giving its clients access to ‘broader access to more cost-effective FX services’. Also, according to the company, clients will be able to receive FX quotes from Ebury and book FX trades.
“Connecting Ebury’s FX services with Cobase will make it easier for companies to access more automated FX services without any additional integrations,” said Juan Lobato, CEO at Ebury.
Clients would be able to receive real-time status of transactions and reporting to automate the reconciliation process within Cobase. The press release also noted that “partnership between Cobase and Ebury reflects a growing European ecosystem where fintechs are combining to offer international businesses a smoother banking experience”.