Specialist payments validation company Apply Financial has collaborated with payments platform Currencycloud to remove customer friction from cross-border payments.
Through using Apply Financial’s Validate API, Currencycloud will work on eliminating the complexity of international payments, helping businesses to better serve their customers.
Currencycloud payments senior product owner Piers Marais said: “We are constantly looking for ways to improve customer experience and reduce friction in the cross-border payment journey.
“With one simple integration to Apply Financial’s API suite, Currencycloud has been able to extend and enhance its validation coverage in a matter of weeks.”
The payments platform has a network of around 40 currencies, which ware paid cross-border to more than 180 countries.
According to Apply Financial, the beneficiary account validation is crucial to Currencycloud to ensure that payments are not delayed or failed due to invalid account details.
Via Apply Financial’s Validate API, the payments platform can validate beneficiary account details and expand its existing validation workflow to make payment processing and integration easier for clients, as well as optimise the the end-customer experience.
The account detail validation has become crucial to the real-time payment initiation process due to the increase of instant payment systems across the globe.
The account detail validation will also help enhance straight through payments (STP) rates over wire transfers and ACH payments.
Apply Financial’s APIs will allow Currencycloud and their clients to optimise STP rates, decrease inconvenience caused by payment delays and failures, as well as comply with the evolving regulatory requirements in the real-time landscape.
The APIs are already deployed in the payments platform’s API suite, and further validation improvements will be conducted in the coming weeks.
Apply Financial founder and CEO Mark Bradbury said: “We are delighted that CurrencyCloud selected Validate API, to intuitively guide, validate and enrich international bank payments at payment entry, allowing Currencycloud to further remove the complexity for their customers making international payments.
“Using the Validate API Self Service area, Currencycloud is able to go live with Validate API painlessly and as part of a rapid roll out.”