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Online Payments

Currency Cloud partners with API-driven Fidor Bank to provide new SEPA Direct Debit functionality

Tuesday 10 November 2015 | 11:33 AM CET

Currency Cloud, a B2B international payments company, has released a new Direct Debit functionality in partnership with Fidor Bank, an API-based digital bank, to integrate Direct Debits into the payment processes of Currency Cloud and its customers.

The new capability means that Currency Cloud can now provide a complete payment solution for its customers, from receiving funds to foreign exchange conversion and fund payout. Where individual aspects of the payment lifecycle have traditionally been handled by specialist providers, forcing companies to work with multiple suppliers, Currency Cloud customers can now benefit from a one stop, joined up process.

Take up of the Direct Debit functionality has been strong since its soft launch in May, 2015 – Currency Cloud is already processing thousands of SEPA DD transactions, through Fidor’s API. The new feature will allow Currency Cloud’s customers to pull funds directly from end user’s accounts with a ‘continuous authority’ payment agreement. They will continue to benefit from Currency Cloud’s real time wholesale FX rates. With the full payment process fully automated and reconciled, customers can focus on growing their businesses.

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