Currencycloud partners with Credit Mutuel Arkea for faster euro payments

Through the partnership, Currencycloud will offer euro bank accounts to its clients as well as have direct access to European payments systems. Currencycloud’s clients will benefit from faster payments and improved reconciliation.

This partnership will enable Currencycloud to process international payments through TARGET2 (Trans-European Automated Real-time Gross settlement Express Transfer system) - the European equivalent of the UK’s CHAPS, which offers real-time payment settlement. This builds on and enhances existing capabilities that allow cross-border euro payments. Currencycloud’s US customers will now be able to send next-day payments to anywhere in Europe - its most significant trading partner.

Currencycloud will also be able to create individual euro denominated IBAN accounts for its clients, and their end customers. For customers who have complex, high volume B2B payment flows this is critical to enable them to manage the challenge of reconciliation. Through Currencycloud’s APIs, customers will be able to create bank accounts for each of their end users, and payments will be sent directly to and from these accounts.