Currency Cloud, providers of a cross currency payment engine has announced on their blog that they have been granted an electronic money (e-money) license from the UK’s Finance Conduct Authority (FCA). With the license, Currency Cloud has regulatory approval to hold funds on behalf of their clients. This feature allows customers to fund account balances which can be exchanged to over 40 currencies and transferred both domestically and internationally at future points.
According to Currency Cloud, the license occurred after investing in their systems, processes and controls to satisfy security needs for their customers. Security requirements for the license were in relation to supporting industry standards, data storage, physical security, as well as disaster recovery plans. As part of being granted the license, Currency Cloud announced that it will allow them to develop new features for their Payment Engine.
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The firm’s Payment Engine solution is currently used by various corporate customers to power their international payment transfer services. A recent example was XE.com which op
erates one of the world’s most frequently used currency calculator site, and expanded their services with the XEMT payment transfer product. Powering XEMT is Currency Cloud’s Payment Engine which is used to connect to international payment transfer point to points.