OANDA has partnered with B2B embedded cross-border solutions provider, Currencycloud for its new international money transfer service to companies in North America, the multi-regulated broker announced on Wednesday.
Dubbed OANDA FX Payments, the new service will be offered to the corporate clients through the brokerage group’s subsidiary, OANDA Business Information and Services Inc.
The collaboration for the service that will offer the cross-border payments service with 35 currencies also involves Shift Connect, an existing partner of Currencycloud.
Currencycloud will provide the payment technology while Shift Connect will offer customer support. According to OANDA, the service will reduce the companies’ cost of international transactions.
“One of the world’s leading FX authorities, OANDA is dedicated to helping companies optimize cash flow, manage currency risk and build their bottom line,” Lucian Lauerman, Head of OANDA FX Data Services, said. “As such, we’re delighted to be partnering with Shift Connect and Currencycloud in order to add OANDA FX Payments to our best-in-class range of corporate currency solutions, which are trusted by audit firms, tax authorities and multinational corporations all over the world.”
Enhancing Services within FX
The cross-border payments service will complement OANDA’s existing FX data services that it offers via its API.
“This is a unique proposition for OANDA and its corporate FX clients. By working closely with our existing partner, Shift Connect, in North America we have been able to create a one-of-a-kind cross-border payment solution for OANDA,” Richard Arundel, Currencycloud’s Co-founder and North American General Manager, said.
“As we have started to expand into new territories across the globe, and our partnership with Currencycloud expands, we were uniquely placed to create new solutions for OANDA’s corporate FX clients who make international payments,” Shift Connect’s CEO, Dave Kelcher added.
Most recently, OANDA introduced professional accounts for its Australia-regulated platform. The services with 100:1 leverage came just ahead of the upcoming retail leverage restrictions by the Australian financial market regulator.