The Currency Cloud, an international payments provider, has extended its reporting functionality to allow clients to follow their outgoing and incoming transactions to speed up payments.
Through a client survey, The Currency Cloud found that what was most important to customers "was both the speed of the payment and knowing where the payment is," says Mike Lavern, CEO of the London-based exchanger and processor.
The company's new product, Cash Manager, addresses this demand by providing a multi-currency balance facility for customers to manage funds in the pipeline, Lavern says. Customers can split up a payment being received in different currencies and then automate where to immediately send the funds for bill payment.
"International transfers all get launched in the fog," Lavern says. The Currency Cloud wanted to give international companies the same ability as consumers have when tracking packages with FedEx and UPS, he says.
While the company still uses automated clearinghouse transfers, its platform can compress the cycle because clients can see when a payment will come in and make decisions before funds arrive about where those funds need to be transferred.
"The Currency Cloud is about transparency and automation which adds to a customer's confidence and security which allows businesses to speed up the process," Lavern says.
Currently, Currency Cloud has 100 direct customers with about 100,000 users all based in the European Union. Lavern says the company plans on expanding into the U.S. soon.