Summary:
In this 25th episode of the Fintech Impact podcast, Jason Pereira interviews Richard Arundel, the North American General Manager for Currencycloud, that is a solution for international exchange online through a series of APIs. Richard discusses his involvement in the company and the ways in which it is expanding.
Show Notes:
●01:11 – Currencycloud offers a payment software that enables companies to optimize their payment process.
●03:01 – Currencycloud began in 2012.
●07:26 – They are a B2B company with customers that include AirHelp.
●13.27 – They charge a small percentage based on the flow.
●17:02 – Very often companies don’t know what kind of exchange fees that are being charged.
●18:02 – Obstacles that Currencycloud has faced: defining who these are, their value proposition, and how fast customers, could be serviced, and getting compliances right.
●19:39 – Compliance has been an opportunity not a threat to Currencycloud.
●23:09 – Currencycloud can send payments to pretty much any unsanctioned country, and they have local payout options in over 30 countries, and there are 40 different currencies they can currently process.
●24:51 – The size of the market and opportunity excite Richard about his industry.
3 Key Points:
1. Obstacles that Currencycloud has faced: defining who these are, their value proposition, and how fast customers, could be serviced, and getting compliances right.
2.The challenge is how to partner with banks and make customers aware that there are options.
3.Currencycloud can send payments to pretty much any unsanctioned country, and they have local payout options in over 30 countries, and there are 40 different currencies they can currently process.
Tweetable Quotes:
-“If I am giving up the payment process to these banks or to these other third-party people, then I lose complete control over a.) my customer experience and b.) the cost for the customer, which also affects their revenue.” – Richard Arundel.
-“There are companies out there that charge 2.75% or 5%. But often you don’t know what you’re being charged.”– Richard Arundel.
-“When we originally set the company (Currencycloud) up, Fintech was really just a buzzword. But now it’s I guess more of a movement, more of a thing. We were lucky enough that we were dealing with some really interesting customers from day one.”– Richard Arundel.
Resources Mentioned:
●LinkedIn – Jason Pereira’s LinkedIn
●Facebook – Jason Pereira’s Facebook
●Woodgate Financial – Website for Woodgate Financial
●Richard Arundel – LinkedIn page for Richard Arundel
●Currencycloud – Website for Currencycloud