Future FinTech Labs, Currencycloud Launches Money Transfer App
Payments enabler Currencycloud has teamed up with Future FinTech Labs (FTFT Labs) to launch money transfer app Tempo aimed at US immigrants.
Tempo currently services money transfers to North America (Canada, Mexico), Europe (Italy, Spain, France, Germany, UK), India and the Philippines.
Through its partnership with Currencycloud, FTFT Labs offers its customers a multi-currency wallet, allegedly with more favorable fees than its competitors. Among other features found in the app, FTFT Labs’ conversion tool allows users to buy and trade currency, while the FTFT Labs Funds feature allows users to easily add funds to the digital wallet.
The Tempo app is available for download from the Apple App Store and Google Play.
Currencycloud boosts remittances and FX
Currencycloud’s technology is aimed at helping businesses enable cross-border money transfers, and transactions globally in multiple currencies. Their technology makes it easy for customers to embrace digital wallets, and to embed finance at the core of their business.
Since 2012, Currencycloud has processed more than USD 100 billion to over 180 countries, partnering with banks, financial institutions and fintechs around the world, including Starling Bank, Revolut and Lunar. Currencycloud works with partners including Visa, Dwolla, GPS and Mambu to deliver cross-border infrastructure solutions for customers. They are regulated in the UK, Canada, USA, EU and Australia. In December 2021, Visa acquired Currencycloud in a deal worth USD 963 million.
The company is no stranger to increasing remittance processes. In June 2022, Australia-based super app Bano has leveraged Currencycloud to launch its FX Converter, increasing transfers for users. Its all-inclusive financial super app gives people the ability to share bills with others, make payment requests, use a physical or digital Bano Visa card, use an overdraft facility and take advantage of the new stock trading feature.
In March 2022, Currencycloud launched Weekend FX, which gives customers the ability to offer foreign exchange rates 24/7. This solution offers Currencycloud customers a competitive fixed exchange rate after the markets close on a Friday night, and this rate will be what the customers and their clients settle on on Monday morning when the market reopens. Following a pilot with clients including Swinto, Anna Money and Tuvoli, subject to approval, ‘Weekend FX’ is now available to most Currencycloud clients.
Global remittance market size
Vantage Market Research’s analysis of the global digital money transfer market published in May 2022 has revealed that the increasing number of cross-border transactions is accelerating market growth. Primarily driven by increasing accessibility of mobile phones and e-payments, the total global digital money transfer market is estimated to reach USD 39.8 billion by the year 2028.
The global remittance market is valued at a revenue of USD 17.5 billion in the year 2021 and is projected to grow at a CAGR of 14.7%.
