GPS and Currencycloud to widen access to cross-border payments

By Megha Bhattacharya

Payments processor, Global Processing Services (GPS), today announced that it has joined forces with Currencycloud to widen access to cross-border payments for financial institutions and FinTechs, providing a passport to a post-COVID world. The combined value proposition will deliver a complete, enterprise-grade, off-the-shelf and pre-integrated solution. It will enable businesses to offer customers compliance and regulatory infrastructure, cross-border payments infrastructure, real-time FX for overseas card transactions, access to a global banking network, multi-currency accounts, banking cards and much more.

Shaun Puckrin, Chief Product Officer of GPS, commented: “There is a major opportunity for payment players to further displace cash with seamless card-based FX payments. Integrating our respective platforms provides fintechs with enterprise-grade capabilities, driving speed to market, and an invaluable competitive advantage as we emerge from the pandemic.”

FinTechs can now upgrade their existing product offerings and launch dynamic new services, including multi-currency wallets and Point of Sale FX. Using Currencycloud rates, customers can fund up to 34 foreign currency wallets with real-time wholesale rates, allowing consumers to purchase currencies ahead of travelling and while on the go. Cardholders benefit from transparent, competitive, real-time FX rates when making purchases abroad and can choose to be notified of the amount spent in their domestic currency via push notifications on mobile devices in real time.

Stephen Lemon, Co-founder and VP, Partnerships & Enterprise at Currencycloud, said: “For fintechs, building a multi-currency solution requires a huge effort across multiple functional and regulatory domains. By working with Currencycloud and GPS, fintechs can reduce the complexity involved and get to market much more quickly for a fraction of the cost of self-building, while vastly reducing ongoing operational risk and overhead.”