OANDA Teams With Currencycloud For X-Border Money Transfers

To provide a new cross-border money transfer offering to North American businesses, OANDA has teamed with cross-border solutions provider Currencycloud. The new offering, which is known as OANDA FX Payments, has been made possible via a joint effort with foreign exchange (FX) consultants Shift Connect, according to a Wednesday (Jan. 27) announcement.

Lucian Lauerman, head of OANDA FX Data Services, said in the announcement that OANDA is committed to helping firms make their cash flow as ideal as possible, handle currency risk and develop their bottom line.

“We’re delighted to be partnering with Shift Connect and Currencycloud in order to add OANDA FX Payments to our best-in-class range of corporate currency solutions, which are trusted by audit firms, tax authorities and multinational corporations all over the world,” Lauerman said.

OANDA FX Payments lets business customers conduct international payments in 35 currencies via a digital infrastructure. The offering assists firms in decreasing the expense of cross-border transactions. It also hedges their currency risk and safeguards their bottom line, according to the announcement, which also notes that the platform provides tailored support to customers.

Business customers can access OANDA FX Payments via OANDA Business Information and Services Inc. In addition, the firm provides a host of FX Data Services such as the OANDA Exchange Rates Application Programming Interface (API). OANDA, which was established in the 1990s, was the first firm to share exchange rate data for free on the web, according to the announcement.

In August, payment solution platform Contis unveiled a collaboration with Currencycloud in an effort to provide global payments for 1 million accounts. Contis provides business-to-business (B2B) issuing and processing via its cloud-based technology.

The joint effort of the two United Kingdom-based financial technology firms was expected to let clients convert the British pound to over 30 currencies and transfer cash to over 50 nations throughout five continents, according to a press release at the time.