Commercial Payments International

Cross-border payments have become a vital point in commercial payments and with an increasing focus on this segment, a number of companies have launched their product or teamed with other payment companies to increase their geographical reach and cater to more businesses around the globe.

UK-based cross-border payments firm Currencycloud, which provides an API-based platform for other financial institutions, has partnered with DynaPay, part of the Dyninno Group, a UK based payments processor. Under this partnership, the two will provide the Currencycloud Spark solution as DynaPay expands its operations.

According to the press note, prior to the partnership, DynaPay was limited in providing its customers GBP and EUR accounts but with the addition of Currencycloud Spark solutions, DynaPay clients will have a multitude of new currencies, as well as transparent and real-time wholesale FX rates and the company also notes that this will ‘enables DynaPay to enter new market sectors, including serving multi-jurisdictional SMEs with global ties, which will now benefit from the same level of service banks are providing to multinational corporations’.

Recently Banking Circle partnered with DynaPay for cross-border payments while Goldman Sachs partnered with Visa for cross-border payments.

“Holding different currencies in a single account means less unnecessary conversions & more freedom for business. Our clients can scale globally while getting paid like a local”, said Konstantin Zaripov, Managing Director at DynaPay.

Clients of DynaPay would be able to use and carry out international cross-border transactions smoothly and transparently with immediate effect.

DynaPay Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. The company offers payment acceptance services, payment accounts and an open API along with other services such as legal, technical and banking infrastructure. Currencycloud is an FCA-regulated electronic money institution.