Cross-border payments company Currencycloud is rolling out an accounts receivable solution aimed at reducing the friction of collecting payments from abroad.
The company announced news on Tuesday (March 20) that its Global Collections tool is now live to support the acceptance of payments in multiple currencies. The solution is designed for banks and other payment companies to offer their own customers, Currencycloud noted.
The solution supports payments to businesses with corporate customers in the U.S. and EU. Companies can generate an international bank account number (IBAN) as well as a virtual account number (VAN) to support transfers in U.S. dollars or euros. Global Collections facilitates same-day receipt of funds and limits foreign exchange fees by offering wholesale currency conversion rates.
“Currencycloud has always been committed to building technology that enables businesses to send funds quickly and securely with a click of a mouse,” said Todd Latham, CMO and head of Product at Currencycloud. “Providing the second half of that equation — receivables — is the natural next step. This launch is a revolution in collections and provides the infrastructure needed to fast-track B2B innovation, allowing companies to go global while acting local. Businesses can now focus on what is important — growing, scaling and staying competitive.”
The company noted in its press release that while information can quickly be transmitted across borders, global payments remains a barrier to global expansion for many companies. Currencycloud cited research from Atradius that found nearly a third of foreign corporate customers of North American and European businesses said the “complexity of the payment procedure” is a top cause of payment delays.
Currencycloud also said its financial institution customers can develop their own solutions and integrate Global Collections into their platforms via the company’s APIs.
Last year, Currencycloud announced an investment led by GV, formerly known as Google Ventures, that provided $25 million to the company. Notion Capital, Sapphire Ventures, Rakuten and Anthemis also participated.