FinTech News

Dwolla Partners with Currencycloud to Enable International Payments

These days entrepreneurs are no longer limited to their own geographic regions. Instead the Internet makes it possible to sell to customers around the world. At the same time these transactions can be complicated due to differing currencies and payment platforms. That’s why two FinTechs — Dwolla and Currencycloud — have announced a new partnership that will hopefully help change that.

The cooperation between Dwolla and Currencycloud will make it easier for businesses to send and receive international payments. While Dwolla’s ACH payment API assists with U.S. payments, together the two companies will support payments in 180 countries and 35 different currencies. In fact, since launching in 2012, Currencycloud has already processed more than $50 billion in dozens of countries across the globe.

Currencycloud joins a few other members of what Dwolla has dubbed their Partner Ecosystem. Other participants include Plaid, Sift, TransferMate, and We Write Code. Although the Partner Ecosystem was only formally announced last week, Dwolla notes that it has previously been working with companies such as Plaid and Sift for years. The company is also seeking additional members to join their Partner Ecosystem according to their site.

In a press release announcing the partnership, Dwolla’s VP of marketing Stephanie Atkin said, “We live in a world that is ever more connected. We want our phones to control our thermostats and our televisions, we want our messaging apps to sync up with our calendar apps. The Dwolla Partner Ecosystem was born out of that idea of interconnectivity.” Atkins added, “Dwolla is the leader in domestic payments, Currencycloud brings that same level of trust for international payments. This partnership allows our customers to get the best of both worlds. We couldn’t be more excited about this opportunity and its potential.” Meanwhile Currencycloud’s co-founder Richard Arundel also shared his enthusiasm, stating, “We’re thrilled to join the Dwolla Partner Ecosystem, a group of FinTechs with shared passion for removing payments pain points with flexible API technology. We pride ourselves on helping to simplify international payments for businesses so that they can focus on delivering great customer experience, and with this new partnership our clients can now leverage Dwolla’s domestic payments API.”

Just as its encouraging to see startups working with big banks, it’s exciting when two FinTechs decide to team up.  In this case the partnership between Dwolla and Currencycloud makes perfect sense — as does the entire Dwolla Partner Ecosystem. Through efforts like these and many others, soon enough digital payments (and currencies) can finally reach their full potential.

Also published on Medium.

Other Articles by Jonathan Dyer