GO Markets Chooses Currencycloud for Streamlined Foreign Exchange Payments

Australian CFD broker GO Markets has teamed with Currencycloud to streamline and automate client transactions.

The partnership, announced Wednesday (Aug. 30), will see GO Markets employ Currencycloud’s multicurrency payment solutions to help clients enjoy “real-time, API-driven competitive” foreign exchange (FX) rates.

“By integrating Currencycloud’s APIs, GO Markets can now offer a seamless and cost-effective service to its global clients,” the company said in a news release.

“With access to a virtual multicurrency account, GO Markets can accept wire payments across a host of local and SWIFT payment rails while benefiting from the automated upload of funds that the Currencycloud platform enables, making the reconciliation process faster and more accurate than ever.”

Soyeb Rangwala, CFO director at GO Markets, said the partnership will allow the company to give its clients expanded funding and withdrawal options, as well as real-time FX liquidity, thus opening new markets to customers.

The partnership is happening at a moment when there are a number of initiatives in play to improve cross-border transactions, such as SWIFT, which announced last week that it had surpassed some targets in making cross-border payments faster.

The platform said that 89% of the cross-border payments made using its service are being processed within an hour, exceeding the goal of the G20’s Financial Stability Board, which targeted 75% of international transactions to go through in an hour by 2027.

“We note that the SWIFT’s connectivity extends across more than 20 countries, spanning 11,500 FIs,” PYMNTS wrote, with the service’s SWIFT Go tool being used by more than 500 banks in upwards of 120 countries.

Research by PYMNTS shows that 64% of more than 300 financial institution (FI) executives surveyed were “very” or “extremely” willing to bring in new technology to alleviate cross-border pain points. That number climbs to 88% when dealing with FIs serving the cross-border payments needs of larger enterprises.

Currencycloud’s partnership with GO Markets follows last month’s announcement that the company was working with Nook to enable supplier payments in more than 35 currencies via Nook’s all-in-one accounts payable (AP) platform.

“The seamless integration with Currencycloud has strengthened our value proposition as an end-to-end accounts payable solution, and has helped us to expand our addressable market to include businesses that need to pay suppliers in multiple currencies,” Nook CEO and Co-Founder Joe Lines said in a news release.

He added that Nook expects that allowing customers to pay invoices in these currencies to more than 100 countries will trigger an uptake in new customers and an increase in the volume of payments made using the platform.