Paysend and Currencycloud Sign Major Partnership Expansion

Currencycloud, the Visa-owned cross-border fintech, signs a partnership extension with Paysend, helping the latter expand its fintech services globally Currencycloud, the cross-border payments company helping businesses simplify money movement in a multicurrency world, has expanded its partnership with Paysend to help the latter expand its services globally. A global fintech leader in international money transfers, Paysend can now further leverage services provided by Currencycloud – which is wholly owned by Visa – to enable additional money transfer capabilities in the markets it operates in. In December 2023, SVP, Treasurer and Head of Cross-Border Solutions at Visa, Colleen Ostrowski, spoke to us about Visa’s integration with Currencycloud and how this has helped Visa deliver ‘B2B4X’ cross-border solutions.

Currencycloud & Paysend: Boosting FX and Treasury

Per the expanded partnership announcement, Currencycloud will boost Paysend’s FX and treasury capabilities. The deal also sees Currencyloud become Paysend’s technology partner for cross-border money movement flows across its key markets of operation. These include the US, EMEA and Asia-Pacific. What’s more, by expanding its relationship with Currencyloud, Paysend can now offer its customers access to multicurrency wallets, which lets users hold up to 34 different currencies within the same application. Paysend customers can also access payments via the Swift network, adding further choice to Paysend’s extensive global coverage. Ronnie Millar, CEO and Co-Founder of Paysend, says: “We’ve worked with the team at Currencycloud for several years now and our partnership keeps going from strength to strength. “I believe the secret to our success together is that we share a vision for making the global money transfer landscape simpler and more inclusive.” Indeed, Paysend’s expanded deal with Currencycloud comes after it deepened its cross-border payments partnership with Mastercard in the second half of 2023, providing joint solutions for small and medium-sized businesses. Now that it has extended its association with Currencycloud, Paysend is significantly scaling its remittance offering in the UK, EU, Canada and the USA. Drawing on Currencycloud’s remittance expertise and its track record of delivering cheaper, fairer and more transparent services compared with traditional suppliers, Paysend’s customers in these key regions can now send remittances to over 180 countries via Swift and other local payments networks. Piers Marais, Head of Product for Currencycloud, adds: “Remittances are a vital cross-border flow that well exceeds even international aid budgets. “Paysend bringing their technology and expertise into this space is a huge boost for the sector, and we’re proud to be on the growth journey with them”. Currencycloud will also be supporting Paysend on the launch of new consumer-facing products and services scheduled for release throughout 2024.