London-based Currencycloud has partnered with Arkéa Banking Services, a subsidiary of Credit Mutuel Arkea, to offer its non-eurozone based clients Euro bank accounts and direct access to European payments systems.
The agreement will enable Currencycloud to process international payments through TARGET2– the European equivalent of the UK’s CHAPS, which offers real-time payment settlement.
Currencycloud said its clients will benefit from faster payments and massively improved reconciliation.
The agreement will also enable Currencycloud to create individual Euro denominated IBAN accounts for its clients, and their end customers.
Currencycloud CEO Mike Laven said: “Fast, secure and transparent international payments underpin our clients’ offering and competitive edge. More often than not in today’s digital landscape, payments must also be international – this brings speed and process optimisation into even sharper focus.
“With current ambiguity around the UK’s membership of the EU, it’s more important than ever that we are able to offer our clients direct access to the European market.”