New partnerships announced for cross-border payments
With cross-border payments becoming a new tug of war between commercial payments companies, each company is leveraging its position to tie up with other geographical players to expand its reach and rope in more businesses.
This week, Atlanta-based payments platform, KyckGlobal and a London based payments and currency risk management solutions, Moneycorp have announced their partnership to deliver their solution for domestic and international payments originating in the United States and select countries. Under this partnership, it will provision cross-border payments which are specifically international ACH payments and wires in over 145 currencies to more than 200 countries.
Last week, the Central Bank of France and the Monetary Authority of Singapore experimented on cross-border payments. Amongst other commercial players, Currencycloud and DynaPay partnered for cross-border payments while Goldman Sachs partnered with Visa for cross-border payments.
According to the press note, KyckGlobal will provide a ‘comprehensive technology layer featuring an array of high-value domestic and international endpoints from which payment recipients may select’ while using Moneycorp, the company will expand their cross-border payment solutions for U.S.-based and internal-based firms requiring fast implementation and reliable connectivity to the global marketplace.
As noted, Moneycorp will also ‘enhance its solutions by offering new emergent and traditional payout options such as Venmo and prepaid cards’ through its partnership with KyckGlobal.
Meanwhile, Jordan based currency exchange and money transfer provider Alawneh Exchange announced its partnership with UK based B2B payments provider, Nium for international payments. Under this partnership, Alawneh will be able to leverage Nium’s payout network in markets, such as Australia, Canada, Europe, the UK and the US.
As per the press note, Alawneh Exchange will be using Nium’s pay-out capability to provide B2B and B2B2C cross-border payments in 5 major currencies (AUS, CAD, EUR, GBP, USD), access to over 65 real-time payment corridors and fast settlement.