Singapore-based cross border payments company TranSwap has partnered with Currencycloud, the company which provides B2B embedded cross-border solutions and lets businesses hold a number of currencies in the US, the UK, EU and other nations.

Under this partnership, TranSwap by using Currencycloud Spark will be able to offer the Global Borderless Virtual Account (GBVA) to customers and this will enable funds to be held in 34 currencies which can be converted into other currencies.

This program was developed in collaboration to offer a solution to the lack of transparency and complexity faced by businesses with international payments, while GBVA offering provides customers with the ability to enjoy transparency in fees and foreign exchange rate conversions, the press release said.

“We exist to enable our clients to create compelling products for their customers. TranSwap is doing exactly that with Currencycloud Spark, which is a real game-changer and can really make a difference to businesses,” said Nick Cheetham, Chief Revenue Officer at Currencycloud. “TranSwap’s offering is adding a huge amount of value to their customers and we look forward to helping them to continue their journey in making international payments as seamless as possible.”

TranSwap is aiming for 10,000 SMEs to get on board for this program by the end of this year. The press release stated that the integration of Currencycloud Spark into TransSwap will add value to corporates and SMEs who are exporting goods from Singapore or Hong Kong.