Mangopay launches end-to-end FX solution
By Gloria Methri
Mangopay is expanding its cross-border capabilities with the launch of its end-to-end FX solution, designed to support the international growth of platforms and marketplaces.
The new FX solution aims to reshape how platforms of all types approach currency conversions, by bringing more transparency and control into cross-border operations. This enables them to unlock new revenue streams, create local payment experiences for their users, and increase control of their treasury operations.
Mangopay provides its flexible modular payments infrastructure to over 2,500 platforms globally to help them scale, including brands such as Vinted, Chrono24, Wallapop, La Redoute, and Rakuten.
Its end-to-end FX solution enables platforms to build a flexible and modular cross-border strategy. It includes Spot FX, which allows platforms to access real-time exchange rates for instant conversion, and Guaranteed FX, which briefly locks in rates to mitigate the risk of currency fluctuations.
By leveraging Spot or Guaranteed FX, platforms are able to offer local buying experiences that help reduce checkout churn, take control of their treasury and liquidity management, and enable both their buyers and sellers to collect and convert funds in multiple currencies. Platforms can implement FX at any point of the payment flow, without being limited to converting currencies during pay-in or payout.
In addition, Mangopay is strengthening its payout network over the coming months to facilitate faster and more cost-effective global payouts to over 60 currencies, with local settlement in over 20 currencies.
Kirk Donohoe, Chief Product Officer, Mangopay, said, “Our FX solution completely removes the friction associated with traditional currency conversions, providing the flexibility to easily manage cross-border payment flows. It simplifies FX for the platforms we work with and their customers, from pay-in to payout and money movement within their ecosystem.”
“We do well when our customers do well, and supporting their ambition through innovative payment infrastructure and cross-border products remains core to our strategy. We are extremely excited about the opportunity to support the platforms we serve with their international growth.”
IBSi Daily News Analysis
November 28, 2023
B2B Cross Border Foreign Exchange
A $4 trillion Islamic banking market to be driven by FinTech, study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage