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What is Currencycloud?

February 23, 2021July 16th, 2024No Comments
Mariel Rhetta
Content Strategist at Rutland FX
Published on: (Updated ) - minute read

Currencycloud, headquartered in London and established in 2012 by Mike Laven, Richard Arundel, and Nigel Verdon, is a leading financial technology company. Founded with the objective of simplifying international payments, Currencycloud is now owned by Visa, a global leader in digital payments. Operating as an Electronic Money Institution (EMI) under the regulation and authorisation of the Financial Conduct Authority (FCA), with the firm reference number 900199, Currencycloud provides the robust, cloud-based infrastructure that powers the Rutland FX platform. This partnership allows us to offer our customers streamlined solutions to send, receive, and manage cross-border payments efficiently.

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Key Features of Currencycloud for Rutland FX Customers

Multi-Currency Wallets

Currencycloud enables Rutland FX customers to hold and manage multiple currencies in multi-currency wallets. This feature helps companies mitigate currency risk and simplify their international payment and reconciliation processes. It also supports businesses entering new markets by allowing them to receive payments in the local currency, hold them on balance for as long as required and make outbound payments without conversion in scenarios where no conversion is necessary.

Cross-Border Payments

Through an extensive network of banking partners and payment rails, Currencycloud helps Rutland FX facilitate cross-border payments for businesses and individuals. Whether sending payments to overseas suppliers or receiving funds from international customers, Currencycloud ensures fast and cost-effective transactions. By providing access to both local payment routes and international payment routes, Currencycloud gives Rutland FX customers the flexibility to choose between low-cost payment rails or faster, high-speed rails like SWIFT. This flexibility allows businesses to optimise their payment strategies based on cost, speed, and the specific needs of each transaction.

Compliance and Regulatory Support

Currencycloud offers robust compliance and regulatory support, ensuring that our business remains compliant with global regulations such as anti-money laundering (AML) and Know Your Customer (KYC) requirements.

To further protect the platform from fraud, Currencycloud helps Rutland FX integrate biometric ID verification through Onfido. This security measure uses a photo of the person matched against their ID to confirm identity, strengthening compliance with KYC regulations and reducing the risk of unauthorised access.

Real-Time Reporting and Analytics

With Currencycloud’s platform, businesses gain access to real-time reporting and analytics tools, allowing them to track transactional data, monitor currency flows, and gain valuable insights into their international payment activities around the clock via the online platform. Payment statuses are updated in real time to reflect the stage of each payment, providing immediate visibility into transaction progress.

For payments made via SWIFT gpi, the platform offers additional benefits by making these payments trackable. Businesses can monitor the exact location and status of their funds throughout the payment journey, ensuring transparency and enhancing trust in the payment process. This comprehensive real-time reporting capability supports better financial decision-making and strategic planning, empowering businesses to manage their international transactions with greater efficiency and confidence.

Forward Contracts and Treasury Management

Rutland FX utilises Currencycloud’s strong balance sheet and treasury capabilities to offer forward contracts with settlement dates up to 12 months. This feature allows our customers to fix exchange rates for future transactions, providing stability and predictability in their financial planning.

Benefits for Rutland FX Customers

  • Cost Savings: Currencycloud enables Rutland FX to offer competitive exchange rates and no transaction fees compared to traditional banking channels, resulting in significant cost savings for businesses.
  • Enhanced Efficiency: By automating payment processes and streamlining workflows, Currencycloud helps Rutland FX improve operational efficiency and reduce manual errors.
  • Global Reach: With access to a vast network of banking partners and payment rails, Currencycloud enables Rutland FX to make international payments to over 170 countries and receive payments from over 120 countries across 35+ currencies.

Visa’s Acquisition of Currencycloud

Currencycloud’s acquisition by Visa represents a significant strategic move, offering an array of benefits and opportunities for businesses leveraging its services. Visa, the global leader in digital payments, commands a formidable presence in the financial technology sector with a mission to connect the world through innovation, reliability, and security.

By becoming part of Visa, Currencycloud gains access to Visa’s extensive network, resources, and expertise, enabling it to further enhance its offerings and expand its global footprint. Visa’s commitment to innovation and technology ensures Currencycloud stays ahead of the curve in the rapidly evolving payments landscape, driving efficiencies and delivering value to businesses worldwide.

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.