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What is Currencycloud?

February 23, 2021September 11th, 2024No Comments
Rutland_FX_-_Currency_Cloud-
Mariel Rhetta
Content Strategist at Rutland FX
Published on: (Updated ) - minute read

At Rutland FX, we are dedicated to providing our customers with the most effective solutions for managing cross-border payments and mitigating currency risk. A key element in our ability to deliver efficient, secure, and cost-effective payment solutions is our partnership with Currencycloud. But who exactly is Currencycloud, and how do they integrate into Rutland FX’s operational infrastructure?

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What is Currencycloud?

Currencycloud is a leading financial technology (Fintech) company based in London, providing cross-border payment solutions to banks and fintechs. Founded in 2012, the company was established with a clear mission: to simplify international payments and make them as seamless and transparent as possible. Today, Currencycloud operates as a subsidiary of Visa, one of the world’s most trusted names in digital payments.

In the UK, Currencycloud is regulated by the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI). Currencycloud delivers the cloud-based infrastructure that powers the Rutland FX platform. This partnership enables us to offer you the ability to send, receive, and manage cross-border payments with unparalleled efficiency and transparency.

Key Features of Currencycloud for Rutland FX Customers

Currencycloud provides a comprehensive suite of services, including correspondent banking, APIs, FX liquidity, and local payment rails, designed to simplify and enhance global financial transactions. While their platform offers a wide range of capabilities, here are some of the key solutions that Rutland FX utilises to offer cross-border payment solutions to businesses and individuals.

Multi-Currency Wallets Rutland FX customers can access multi-currency accounts in their own name, allowing for the easy creation of new accounts that support SWIFT payments and some local payments, such as Fedwire and ACH. This capability enables customers to receive incoming funds as if they were local, simplifying the management of international transactions.

Cross-Border Payments Through an extensive network of banking partners, fast and cost-effective cross-border payments are facilitated. The platform includes SWIFT payment tracking for SWIFT GPI-enabled payments, making it easy to monitor transactions.

Global Reach Currencycloud supports 37 currencies and can send funds to over 180 countries globally, as well as receive funds from over 120 countries. This extensive reach allows Rutland FX to offer truly global payment solutions to our customers.

Compliance and Security Full compliance with global regulations, including anti-money laundering (AML) and Know Your Customer (KYC) requirements, is ensured. Advanced security features, such as biometric ID verification and two-factor authentication, are integrated to protect against fraud.

Real-Time Reporting and Analytics The platform provides access to real-time data and analytics, allowing businesses to track payments and monitor currency flows with full transparency.

Treasury Management and Forward Contracts Treasury management tools, including forward contracts, are available, enabling businesses to lock in exchange rates for future transactions and providing financial stability.

Visa’s Acquisition of Currencycloud

In July 2021, Visa acquired Currencycloud for approximately $925 million. This strategic move was aimed at strengthening Visa’s position in the cross-border payments sector. By integrating Currencycloud’s platform, Visa enhances its ability to provide transparent, flexible, and efficient global payment solutions. Currencycloud, a key player in the financial technology space, brings significant expertise and capabilities to Visa’s network, further solidifying its role in the global financial landscape.

How to Verify Rutland FX’s Partnership with Currencycloud

You can verify Rutland FX’s partnership with Currencycloud by visiting the Currencycloud website and accessing their search function located in the “Help Center” under “Broker Search.” Simply enter the term “Rutland FX” into the search bar on the Currencycloud website, and you’ll find information confirming the partnership. This direct verification method provides reassurance and transparency regarding Rutland FX’s affiliation with Currencycloud.

In summary, Currencycloud, supported by Visa’s global infrastructure, powers Rutland FX to deliver efficient, cost-effective, and secure cross-border payment solutions. This partnership enhances our ability to serve our customers better, providing them with the tools they need to succeed in the global market. Additionally, by ensuring compliance with FCA regulations and requirements, we can offer our customers peace of mind knowing their transactions are managed with the highest standards of security and regulatory adherence.

Still not sure?

If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback to discuss your requirements.