Currencycloud & Alternatives

If you are a FinTech company building an international money transfer, payment solution or remittance platform, an integral part of it would be a cross-border money transfer processor. The only other alternative is creating your own banking network by forging relationships with traditional banks which is lengthy and requires a huge effort. By integrating with a payment processor, a FinTech company significantly reduces this complexity and is able to get to market much quicker, while reducing operational risk and overhead.

International money transfer processor is a mediator between the sending and receiving parts of the transaction which are situated in different countries. It handles transfers and also mitigates fraud and chargebacks. Moreover, your services and, not surprisingly, customer satisfaction will heavily depend on such a partnership.

At Velmie, we’ve been helping FinTechs to build international money transfer apps for different regions and got an extensive knowledge of b2b vendors to share. The overview below is aimed to help FinTech companies with choosing the right vendor for their business model.

Moving forward, do you know what your ideal partner should be like? There are several criteria to look at, which are listed below.

  • Fees transparency and competitive rates.

Further, we summarized 4 most promising and relevant cross-border money transfer service providers: Currencycloud, Rapyd, Banking Circle, Nium.

1. Currencycloud

  • Website:

Currencycloud is a cloud-based cross-border payment and FX processing platform for FinTechs and financial institutions. It enables payments from 180 countries and its product, Currencycloud Spark, provides multi-currency accounts to collect, store, convert and pay in 38 currencies (as of 2021). CC provides real-time FX rates that are close to the mid-market rate, thus, offering the infrastructure and terms to empower its clients with highly competitive solutions. Moreover, finding a white-label money transfer platform that provides integration with CC will help you noticeably reduce costs and time-to-market.

2. Rapyd

  • Website:

Rapyd is a FinTech-as-a-Service platform that provides APIs to help integrate local payments and FinTech capabilities. Its Global Payments Network connects clients to all the ways the world likes to pay and the infrastructure to create FinTech solutions, like ewallets, cards and financial services. Rapyd core products include:

  • Collect — local and international payment acceptance and checkout (customizable hosted checkout page, checkout toolkit, integrations via REST API and SDK);

3. Banking Circle

Banking Circle is a fully licensed bank aiming to deliver financial infrastructure at low cost, compliantly and securely. Providing direct access to clearing in multiple countries, the company makes payments cross-border faster and more cost-effective.

Banking Circle provides:

  • Access to a global account infrastructure to perform local payments and establish local accounts worldwide;

4. Nium (Formerly InstaReM)

  • Website:

Nium helps companies manage global payments through their embedded finance platform which is designed to integrate with its customers’ business needs and technology seamlessly. The platform connects businesses to the world’s payment infrastructure through one API. Their modular platform for Pay In, Pay Out and Card-Issuance allows banks, payment providers, travel companies and other businesses to collect and disburse funds in local currencies to over 100 countries, plus issue physical and virtual cards to 40+ countries across the globe.


To sum up, choosing an international money transfer processor as a partner for your FinTech company vastly depends on your specific requirements. However, we would strongly recommend Currencycloud and Nium for FinTechs as the top choice as they are specifically focused on these type of clients and can provide them with better terms and quality.

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