Oanda partners with Currencycloud for cross-border payments

Oanda, the company known for its foreign exchange services, has launched a money transfer product for customers in North America. 

Oanda partners with Currencycloud

In a statement yesterday, Oanda said that it is partnering with Currencycloud to offer cross-border solutions in North America. Currencycloud offers embedded cross-border tools that helps businesses to collect, convert, pay, and manage payments. Today, it is used by hundreds of companies like Monese, Revolut, Paddle, Klarna, and Blacklane, among others.

The new product will be known as Oanda FX Payments. It will help corporate clients in the region deliver payments to about 35 countries at first. These firms will save the cost of international transactions by hedging their currency risk. In a statement, Lucian Lauerman, head of Oanda FX Payments said:

“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. 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.”

Business expansion

For starters, Oanda is one of the best-known brands in online trading. The firm allows thousands of customers from around the world trade currencies, commodities, cryptocurrencies, and stock Contracts for Difference (CFDs). It also offers a currency converter, forex data services,  and exchange rate APIs.

Therefore, with the new product, the company wants to leverage its experience and expertise to expand its business. It will also be a good source of income since cross-border money transfer is one of the fastest-growing industries in the world. Most importantly, Oanda is facing significant competition and regulatory issues in its Forex business.

Still, Oanda will face a lot of competition in the cross-border payment industry. In recent years, companies like Western Union, TransferWise, and WorldRemit have become leaders in the industry.

Are you in the process of sending money to another country? At MoneyTransfers, we can help you save money by showing you the transaction costs charged by hundreds of companies.