Qolo and Moneycorp partner to integrate cross-border payments solution

Florida based B2B payments company Qolo has partnered with Moneycorp, a London based foreign exchange (FX) services provider, to offer an FX payments solution that aims to help businesses with an automated payments tool for same-to-same currency settlement, the press release stated.

In June, Qolo had launched a new payments system that aimed to provide functionality, improved economics and quicker time to market for businesses, gig-workers, and prepaid debit cards from banks.

Moneycorp has a licence to work across all 50 states in US and its money services business is regulated by the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The company also operates as a bank in Brazil and Europe. Both companies in the partnership say they will work towards to move away from high fees, time lags and third party charges while addressing corporate cross-border payments needs.

Speaking on the partnership, Patricia Montesi, CEO of Qolo, said “We want to continue creating new solutions for the industry. This partnership furthers access for companies seeking better ways to navigate global payments. With Moneycorp’s institutional strength, highly regulated structure and global reach, we can leverage our ability to process cross-border payments.”