Embedded finance platform provider Alviere and cross-border finance specialist Currencycloud are collaborating on what they called in press release a “multicurrency cross-border embedded finance solution.”
The arrangement lets New York-based Alviere provide enterprise clients with Currencycloud’s Spark product’s multicurrency eWallet, the release stated. The product allows International Bank Account Numbers (IBANs) that facilitate transactions in up to 38 currencies at once.
“There is a real demand from our customers for cross-border functionality and it’s a strategic component of our growth,” Alviere Chief of Staff Steven Scofelia said in the release.
Currency Cloud Vice President of Sales and General Manager of North America David Heitzmann added in the release: “There was an immediate synergy between us and Alviere – their customer-focused approach to delivery mirrors ours and it felt like a perfect match from the start.”
Heitzmann said in the release both companies “see embedded finance as the next big step for business.”
Alviere has incorporated the new offering into its The Hive platform. Alviere launched The Hive in August. Co-Founder and CEO Yuval Brisker stated in a news release at the time: “We know from our own experience the pain it takes to get a financial service to market, so we launched Alviere and The HIVE to help companies like us to alleviate the pain. We’re excited to announce the launch of The HIVE, which is the most advanced and complete Financial Services as a Platform (FsaP) on the market today. It’s much more than Banking-as-a-Service, incorporating many more capabilities than similar offerings.”
The deal comes as companies in businesses other than finance increasingly embed financial products into their offerings through apps and as financial firms continue to adapt to the advent of open banking in Europe, PYMNTS reported.
The deal also follows London-based Currencycloud’s announcement it would hire 50 additional staff. CurrencyCloud launched in 2012.