- Currencycloud launched a new tool called WeekendFX.
- The new tool enables clients to offer competitive FX rates on weekends when markets are closed.
- Currencycloud is launching WeekendFX in partnership with Visa, which acquired Currencycloud last July.
Visa’s Currencycloud launched a new tool this week called WeekendFX. The new offering will do just as it sounds– enable clients to offer competitive FX rates around the clock, even on weekends.
In the new digital economy, businesses are always on, operating after business hours and on weekends. However, businesses face increased risks and cost when they arrange cross-border payments on weekends because of the fluctuations subject to occur between when the trading desks close on Friday afternoon and when they open for the week on Monday morning.
Currencycloud is launching WeekendFX in partnership with its parent company Visa to help remove the risk, complexity, and cost to support cross-border payments outside of traditional operating hours. WeekendFX enables Currencycloud clients to offer a competitive fixed FX rate over the weekend and will settle at the same rate on Monday morning when the market opens.
“This is a massive step in overcoming business issues of operating 24/7,” said Partners & Enterprise Co-Founder and VP Steve Lemon. “Together with Visa we now enable our clients to execute FX transactions over the weekend in exactly the same way, using a standardized API and workflow as they would during the week. Therefore, their customers can continue to operate their businesses and execute FX conversions in exactly the same way too.”
Money transfer and payments firm Swinto and aviation business connectivity startup Tuvoli piloted the new trading tool, and ANNA Money will go live with the technology shortly.
Founded in 2012, Currencycloud facilitates cross-border, multi-currency transactions. The London-based company has processed more than $100 billion to over 180 countries for bank and fintech clients including Starling Bank, Revolut, Penta, and Lunar.Â
In July of last year, Visa snapped up Currencycloud in a deal that valued the company at $963 million. Last October, the company partnered with Plaid, embedding Plaid’s Payment Initiation Services into its own solution to allow customers to fund their accounts without ever leaving the platform.
Photo by Ryutaro Tsukata from Pexels
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