ClearBank rolls out multi-currency solution for cross-border payments

Karthik Subramanian

ClearBank has announced the launch of a new multi-currency solution that would help to cut down the costs and charges involved with FX conversion for small businesses and fintech when they make or receive cross-border payments.

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The idea is to connect the small business companies in the UK and Europe as now with Brexit, the cost of cross-border payments is expected to grow up and this is likely to eat into the profits of these companies. But with the business between the UK and Europe expected to increase in the future, payments between these regions become unavoidable and so it is likely that the businesses would be looking forward to solutions that would reduce the cost of such transactions. This solution provided by ClearBank can be plugged into platforms that handle deposits and withdrawals from their users from different regions and this solution would help to boost the savings and also the sales.

“We’re delighted to be beginning our journey towards ensuring seamless cross-border payment solutions and to have VertoFX as our first multi-currency customer,” said ClearBank CEO Charles McManus. “… we’re confident our new, multi-currency offering can meet the demands of the next generation of consumers and businesses and simplify FX.”

The first such business to make use of this solution is VertoFX which is a B2B currency exchange and payments platform. But the use of such a solution is likely to be much bigger and much wider than just the payments industry. Industries like crypto, FX, travel, e-commerce, etc are likely to be looking forward to such solutions which would reduce their burden and also that of their users. The ultimate goal is for the users to be able to transact internationally and seamlessly so that they don’t need to change their funds into different currencies which are not only cumbersome but also lead to a lot of conversion costs which the users do not generally prefer.

The challenge with multi-currency accounts is to find the right liquidity and costs as well so that the small businesses do not feel the pinch but also can transact whenever they need to at the volumes that they generally deal with, all in a seamless manner.

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