Visa’s Currencycloud unit partners with Moov on payments infrastructure
Taking the advantage of already established payment infrastructure, companies are relying on each other for their international expansion to avoid CAPEX and cost-efficiency.
In such, Visa-owned UK based B2B payments company Currencycloud has partnered with Moov which is a US-based payments developer platform. Under this partnership, the two companies will work on the improvisation of international and domestic payments capabilities for each other’s clients.
This partnership will open the capabilities for customers of both companies in the sense that businesses working with Currencycloud will be able to expand domestically in the US payments system. accepts, stores, and disburses money domestically while Currencycloud works in moving funds across borders and handling currency exchange.
“Embedded finance has gained a lot of momentum in the last 12 months, and demand from customers for financial solutions they can integrate into their businesses is accelerating”, said Cara Hayward, Director of Strategic Partnerships, North America at Currencycloud.
Earlier, the Unit partnered with Currencycloud for cross-border payment services while Flutterwave teamed up with Currencycloud to enable multi-currency accounts.
As per the statement, both companies provide embedded finance solutions and this ‘setup is ideal for business-to-business payments or business-to-individuals’. This would help both companies manage and reduce regulatory, compliance and risk burdens.
Currencycloud offers a set of APIs via its cloud-based platform enabling banks and financial services providers to offer currency exchange services, including multi-currency wallets, and virtual account management while Moov is a payments processor based in the US. It helps clients with onboarding, compliance, and business spend integration.