Settle partners with Currencycloud to provide cross-border payments & FX payments services
Mirroring developments on the consumer side, commercial payments firms are turning to mobile payments technology to increase their competitive edge.
This week, UK-based cross-border payments firm Currencycloud announced a partnership with Norway based mobile payments company, Settle to add foreign exchange and cross-border payments for its wallet users and business customers across Europe.
According to the press note, this partnership would allow Settle to expand its payment network by ‘enabling local payouts in markets where Settle is not connected through its own bank partnerships’. It also noted that traditionally Settle has built its own network and it is the first time the company is working with a third party to deliver a solution for its clients.
Last year, Currencycloud had a string of partnerships such as former with other commercial payments players such as VoPay, Wallex, TranSwap, Mambu and Sokin while it also raised $80 million which was backed by Visa. This year, it partnered with Oanda for cross-border payments.
“We see that Currencycloud, as a long-standing fintech, such as ourselves, provides rock-solid technology and capabilities that help accelerate our business and our abilities to pursue our vision of creating a service that seamlessly integrates with a company’s pre-existing billing flow,” said Settle Group CEO, Daniel Doderlein.
Settle has a presence in 22 EU countries and it provides its services via the Settle app and Settle for Business. With the latter, it’s a suite of ‘self-service payment and commerce tools, and the Settle API, any business can accept digital payments, in any situation, without relying on hardware’. It is authorised to provide financial services in all EEA as an Electronic Money Institution under a license issued by the Norwegian Financial Supervisory Authority.