Currencycloud and CrescoFin to offer FX and multi-currency ewallet

By Megha Bhattacharya

Currencycloud and Swiss digital banking alternative CrescoFin to integrate its multi-currency account infrastructure Currencycloud Spark into the latter’s expanded offering. The integration of Currencycloud Spark will allow CrescoFin to accept up to 30 currencies and clients will be able to pay, collect and hold multiple currency accounts under one unique SWIFT IBAN, allowing seamless, simple access to CrescoFin’s core product, globally.

Robert Sharratt, Managing Director and Co-founder of CrescoFin, commented, “We are delighted to be including Currencycloud into our offering. We can now welcome clients from around the world, seamlessly, in multiple currencies. In addition, we will be able to execute forward FX transactions in-house, to offer better rates to our global customers.”

According to Currencycloud, customers will be able to convert at a time that suits them, rather than being forced to convert at the point of sale or purchase, avoiding costly FX charges and converting when the market suits them. CrescoFin has developed a solution for institutions and individuals to achieve low-risk, insured returns without a long lock-up period. Funds can be redeemed with 30 days’ notice. The CINAP (CrescoFin INsured Asset Purchase) offers a return of 3% pa in USD.

Nick Cheetham, Chief Revenue Officer at Currencycloud, commented, “CrescoFin has introduced a new and novel way for individuals and institutions to generate a better return on deposits than a traditional bank would offer its customers. Currencycloud is fundamental to CrescoFin being able to expand its offering to new markets and we look forward to supporting their growth.”

Recently, European mobile payments provider Settle Group has teamed up with Currencycloud for adding foreign exchange and cross-border payments for its invoice financing and factoring customers across Europe. The partnership also enables Settle to expand its payment network, by enabling local payouts in markets where Settle is not locally connected through its own bank partnerships.