HUBUC and Currencycloud Partner to Support Global Payments
- 30.03.2021 10:53 am
The next generation banking-as-a-service platform, HUBUC, has partnered with fintech Currencycloud to support HUBUC’s business customers with seamless cross-border payments, employee to employer payments, access to a digital multi-currency account and real-time wholesale foreign exchange rates.
HUBUC is an embedded financial services provider that offers multiple payment capabilities from a single platform. Through this partnership, HUBUC business clients can access Currencycloud’s leading foreign exchange rates (38 currencies) and international payments across Europe. They will also be able to use Currencycloud’s infrastructure to quickly access virtual named accounts for their customers, with the ability to collect, convert, pay, and manage multiple currencies simultaneously using Currencycloud’s Spark solution.
According to research1, 45% of CFOs stated that they are either expanding their companies globally or are planning to do so within the next year. Currencycloud’s agile technology can facilitate international expansion, allowing businesses to pay customers and suppliers with local accounts and access real-time competitive FX rates.
Nick Cheetham, Chief Revenue Officer at Currencycloud, said: “Embedded finance is reshaping international business payments – and HUBUC is an ideal use case for enabling business growth across borders. Thanks to our partnership with HUBUC we’re helping businesses to expand into international markets and provide financial services to their customers across the globe.”
Hasan Nawaz, co-founder and CEO, HUBUC, said: “We knew that when it came to services as important as cross-border transactions – particularly in a post-Covid world of increased international trade – we needed an experienced and proactive partner onboard. Thanks to Currencycloud’s services, our customers can now open additional accounts without becoming regulated or applying for licenses themselves. This way, if we have a client that needs to offer international payroll, for example, it’s easy for employers to pay employees abroad in another currency.”
HUBUC enables companies to incorporate a number of payment capabilities into their offering, from onboarding and payments to FX and card issuance. It offers companies the convenience of having just one API, just one contract, and no regulatory requirements, meaning companies don’t have to sign up to multiple different contracts and multiple APIs. It also helps them bring payment services online much faster than existing methods.