Currencycloud partners with London-based Quid Global to support the launch of its Global Wallet.
Quid provides a single sign-on platform for the small and medium-sized (SME) community. The platform enables banking for SMEs operating international businesses. The Quid Global Wallet facilitates accounts in local and international currency alongside money transfer services.
The Currencycloud integration enables this capability. Visa-acquired Currencycloud equips SMEs with a multi-currency wallet and the ability to convert between EUR, GBP, USD, CHF, AUD and NZD currencies.
Quid is leveraging Currencycloud’s functionality to scale its global presence and increase the number of currency accounts it offers.
This, paired with the company’s single sign-on functionality, is generating wider international capabilities for the platform’s users.
“Our digital ecosystem is designed to reduce the time to market,” says Quid managing director, Simon Byrne. “The platform lets customers manage core areas of their business from a single platform.”
The Global Wallet is “a key product in our ecosystem to support the success of any new business and facilitate easy payments for our customers,” continues Byrne.
Nick Cheetham, Currencycloud CRO, adds: “Small businesses are increasingly operating globally and there is a huge need to process international payments seamlessly and cost-effectively.
“The partnership between Quid and Currencycloud offers even the smallest of businesses the opportunity to do just that.”
Currencycloud formed a similar partnership with the open finance network and payments platform Plaid. The October 2021 partnership delivered solutions for UK firms, including brokers, fintechs and banks, to operate in multiple currencies.
The partnership with Plaid allows customers to fund their accounts without ever leaving the platform, simplifying the payment journey.
The embedding of Plaid’s payment initiation services (PIS) allows Currencycloud customers to pull money directly into their accounts from any bank.
Following the integration into Currencycloud Direct, the solution will be available across the entire Currencycloud platform.