As reported by IBS Intelligence, Ripple partner Currencycloud and Wallex are expanding their collaboration to bring a new set of collections services to Asia—in particular, to Wallex users in Singapore and Hong Kong via Currencycloud Spark.
Both companies work in the sphere of B2B payments solutions. Wallex also deals with B2B FX.
Currencycloud to help collect funds in major global currencies
This partnership between Wallex and Currencycloud will enable the Singapore and Hong Kong-based customers of the former to collect money in the major global currencies—GBP, EUR and USD—using local payment channels.
This will allow the firm's clients to roll out abroad and compete in foreign markets.
Prior to this collaboration, customers had to perform these collections by means of local banks or through transnational payments. Those would cost 1.5 percent of the FX charges, as well as a commission for each transaction, which in the end turned the whole process into a slow and expensive operation.
The CCO of Wallex, Anthony Man, believes that the ability to add collections in EUR, USD and GBP. Holding those currencies in the company's accounts for multiple currencies will help their clients to change their businesses fundamentally.
Besides, he stated, it will help customers to cut their expenses substantially.
Currencycloud to create multi-currency accounts for Wallex
After Currencycloud Spark is integrated, Wallex users will be able to hold a total of fourteen currencies and utilize just one account for them. Receiving the funds will take just minutes, and they will also be able to hold the money, convert it, withdraw or wire it abroad.