Listen to this articleWith 70 employees across London and New York and almost $8 Billion a year in transactions, Currency Cloud is transforming the global payments landscape by delivering cross border payments as an online service. Our Interview below is with Mike Laven, CEO of Currency Cloud:
Q: Currency Cloud lets customers move money around the world quickly and securely, could you tell us how does Currency Cloud differ from other FinTech startup companies?
A: Currency Cloud brings together a banking network, payments technology and a deep understanding of international payments processes. Unlike money transfer companies, we only deal with companies who make payments on behalf of other companies, and like us, most of our customers are technically minded.
We provide them with a fast, secure and transparent service through our Payments Engine, which fully automates the international payments life cycle. Customers can choose to access our Payments Engine via our simple API for tailor-made solutions or they can choose to go Direct if they want to make few payments on a daily basis. And since we operate at scale, we benefit from efficiencies that we can pass directly to our customers.
Ultimately, our Payments Engine offers a level of transparency unmatched by other solutions in the market. We’re committed to changing the commercial relationship in foreign currency transactions from a zero-sum trading game to a fully transparent pricing relationship that businesses can trust. By fully disclosing the market price, the price we pay and the price our customers pay, we’re working to promote global commerce by taking the mystery out of international payments.
Currency Cloud Leadership Team
Related: Startup Control – Manage Your Online Payments From The Palm Of Your Hand
Q: Could you tell us something more about Currency Cloud “Regular” and “Priority” services?
A: Our Priority payment is powered by SWIFT, which is a fast and reliable mechanism for sending money internationally. This is ideal for large business payments, but if you are sending lower value payments you may incur correspondent banking fees meaning that your money could turn up short. With our regular payment network we have a range of partners enabling us to guarantee the sum that arrives. This process takes a little longer, typically 1-2 days, but is cheaper and fully transparent making it ideal for lower value payments.
Q: How big Currency Cloud team is at the moment?
A: We currently have 70 employees across London and New York and are processing close to $8bn a year in transactions.
Related: Startup CurrencyTransfer – Revolutionize Corporate Foreign Exchange
Q: What can we expect from Currency Cloud in 2015? What are your plans?
A: At the moment, most of our business is conducted with European companies but we are expanding rapidly into North America this year and into 2015. We want to help our customers go where they want to grow and like other technology firms, we’re continually looking to build on our existing capabilities. We’ve already made steps to refine our Payments Engine and develop our next generation API, Connect 2.0, built by developers, for developers.
Ultimately, we want to give our customers the best possible service we can offer and ensure a world where moving money is easy.
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