Currencycloud Powers OPAL to Simplify Cross-Border Payments for SMEs

Currencycloud Powers OPAL to Simplify Cross-Border Payments for SMEs

by June 12, 2024

OPAL, a neobank startup, has been steadily growing in the financial hub of Singapore since its inception in 2019.

Licensed as a Major Payment Institution (MPI) by the Monetary Authority of Singapore (MAS), OPAL offers domestic and cross-border payments, payment accounts, and e-money services.

In February 2022, OPAL introduced its flagship product, the Global Digital Business Account, aimed at providing small- and mid-sized enterprises (SMEs) with an efficient and convenient way to handle international payments and cross-border banking.

B2B embedded cross-border solutions provider Currencycloud played a crucial role by providing the APIs necessary for a seamless and user-friendly experience.

OPAL Aims to Revamp Cross-Border Payments for SMEs

Cross-Border Payments for SMEs

OPAL

In the development of the Global Digital Business Account service, OPAL wanted to give SMEs the ability to make smooth and seamless cross-border collection of payments and transactions with the convenience of a single account.

However, going at it alone presented several problems, including significant investment to establish relationships with banks across the US, Europe and APAC, all of which would weigh on the manpower and capital resources of a young start-up.

According to Zvi Appel, Co-founder and CEO, OPAL, amongst the different paytech firms the company evaluated, Currencycloud stood out because of its dedication to innovation and fostering collaboration, which align with OPAL’s mission to revolutionise the financial landscape for SMEs.

Zvi Appel

Zvi Appel

“Both OPAL and Currencycloud prioritise utilising innovative technology to transform the financial landscape and set new standards for SMEs. Unlike traditional banks, OPAL distinguishes itself by offering transparent pricing, which gives our customers a clear understanding of the costs associated with their transactions.

 

What’s more, Currencycloud’s platform is flexible, scalable, and integrates seamlessly with ours to enable a smooth and efficient user experience. Overall, it made us more accessible, transparent, and efficient,”

Appel explained.

Currencycloud’s API as the Engine for OPAL’s Innovation

OPAL’s choice of Currencycloud’s API-driven payment solutions allows for rapid innovation and deployment of new features.

Once fully integrated, OPAL can add Currencycloud’s technology to multiple aspects of its services, including payment instructions and FX conversions for seamless cross-border transactions and access to real-time exchange rates.

The implementation was planned for the progressive phasing in of new services, and the experience for the initial phase was smooth.

Currencycloud provided end-to-end dedicated support for the seamless integration of Currencycloud’s comprehensive suite of APIs onto the OPAL platform to kick-start initial services like account creation and collection.

These have since gone live and new features like payment, and foreign currency exchange are currently in the works.

Rohit Narang

Rohit Narang

“Throughout the first couple of months, Currencycloud worked with the OPAL team to ensure key timelines of the project were met.

 

This allowed OPAL to progressively launch features on its platform according to its timelines, ensuring maximum customer satisfaction,”

said Rohit Narang, Managing Director, APAC, Currencycloud.

With Currencycloud onboard, OPAL successfully launched the first set of its Global Digital Business Account offering, including an important feature for SME customers to name their OPAL account like they would a bank account, to reduce cross-border payment friction on both SWIFT and local rails.

“Our decision to choose Currencycloud over competing international payment platforms was driven by its extensive presence in various markets, state-of-the-art technology, transparent pricing, and exceptional customer support.”

said Zvi Appel, Co-founder & CEO, OPAL

Transforming Cross-Border Payments Through Fintech Collaboration

Utilising Currencycloud’s advanced features, OPAL’s Global Digital Business Account customers today have access to efficient and cost-effective management of cross-border transactions when navigating the global financial market.

Through the business named accounts for international payments, OPAL’s SME customers benefit from global connectivity and presence, allowing them to send funds to local payment networks in 21 countries and territories.

These multicurrency accounts, opened in their customers’ own names, improve access to collecting funds globally.

Customers can receive funds in up to 33 different currencies via SWIFT and local payout rails. Additionally, these accounts offer significant cost savings, reducing transaction costs by up to 40% and enhancing transaction speed.

Appel views OPAL’s partnership with Currencycloud as an example of fintech-to-fintech collaboration success. He believes that such synergies are the vehicle for increased competition in the financial sector, pushing for continuous innovation and improvement in services.

In OPAL’s case, that means allowing businesses in the region to benefit from access to affordable, user-friendly, and efficient financial tools that can streamline their operations and support their growth.

“As we continue to grow and expand our offerings, we remain confident that our partnership with Currencycloud will serve as a cornerstone of our success, empowering SMEs to drive positive change within the financial industry.

 

I believe that fintech-to-fintech collaborations like that of OPAL and Currencycloud can help businesses to leapfrog technology and quickly benefit from B2B banking and payment solutions, to address the gaps left by traditional banking services,”

said Appel.

Find out how Currencycloud can help you build your payments infrastructure by speaking to one of their experts today.