OPAL, a neobank startup, has been steadily rising within the monetary hub of Singapore since its inception in 2019.
Licensed as a Main Cost Establishment (MPI) by the Financial Authority of Singapore (MAS), OPAL presents home and cross-border funds, fee accounts, and e-money companies.
In February 2022, OPAL launched its flagship product, the International Digital Enterprise Account, geared toward offering small- and mid-sized enterprises (SMEs) with an environment friendly and handy approach to deal with worldwide funds and cross-border banking.
B2B embedded cross-border options supplier Currencycloud performed a vital function by offering the APIs needed for a seamless and user-friendly expertise.
OPAL Goals to Revamp Cross-Border Funds for SMEs
OPAL
Within the growth of the International Digital Enterprise Account service, OPAL needed to present SMEs the power to make clean and seamless cross-border assortment of funds and transactions with the comfort of a single account.
Nonetheless, going at it alone offered a number of issues, together with important funding to determine relationships with banks throughout the US, Europe and APAC, all of which might weigh on the manpower and capital assets of a younger start-up.
In keeping with Zvi Appel, Co-founder and CEO, OPAL, amongst the totally different paytech corporations the corporate evaluated, Currencycloud stood out due to its dedication to innovation and fostering collaboration, which align with OPAL’s mission to revolutionise the monetary panorama for SMEs.
Zvi Appel
“Each OPAL and Currencycloud prioritise utilising revolutionary expertise to rework the monetary panorama and set new requirements for SMEs. Not like conventional banks, OPAL distinguishes itself by providing clear pricing, which supplies our clients a transparent understanding of the prices related to their transactions.
What’s extra, Currencycloud’s platform is versatile, scalable, and integrates seamlessly with ours to allow a clean and environment friendly consumer expertise. Total, it made us extra accessible, clear, and environment friendly,”
Appel defined.
Currencycloud’s API because the Engine for OPAL’s Innovation
OPAL’s alternative of Currencycloud’s API-driven fee options permits for fast innovation and deployment of recent options.
As soon as absolutely built-in, OPAL can add Currencycloud’s expertise to a number of elements of its companies, together with fee directions and FX conversions for seamless cross-border transactions and entry to real-time change charges.
The implementation was deliberate for the progressive phasing in of recent companies, and the expertise for the preliminary part was clean.
Currencycloud supplied end-to-end devoted help for the seamless integration of Currencycloud’s complete suite of APIs onto the OPAL platform to kick-start preliminary companies like account creation and assortment.
These have since gone reside and new options like fee, and overseas foreign money change are at present within the works.
Rohit Narang
“All through the primary couple of months, Currencycloud labored with the OPAL workforce to make sure key timelines of the challenge had been met.
This allowed OPAL to progressively launch options on its platform in line with its timelines, guaranteeing most buyer satisfaction,”
stated Rohit Narang, Managing Director, APAC, Currencycloud.
With Currencycloud onboard, OPAL efficiently launched the primary set of its International Digital Enterprise Account providing, together with an necessary function for SME clients to call their OPAL account like they might a checking account, to scale back cross-border fee friction on each SWIFT and native rails.
“Our determination to decide on Currencycloud over competing worldwide fee platforms was pushed by its in depth presence in varied markets, state-of-the-art expertise, clear pricing, and distinctive buyer help.”
stated Zvi Appel, Co-founder & CEO, OPAL
Remodeling Cross-Border Funds By way of Fintech Collaboration
Utilising Currencycloud’s superior options, OPAL’s International Digital Enterprise Account clients right now have entry to environment friendly and cost-effective administration of cross-border transactions when navigating the worldwide monetary market.
By way of the enterprise named accounts for worldwide funds, OPAL’s SME clients profit from international connectivity and presence, permitting them to ship funds to native fee networks in 21 nations and territories.
These multicurrency accounts, opened of their clients’ personal names, enhance entry to gathering funds globally.
Clients can obtain funds in as much as 33 totally different currencies through SWIFT and native payout rails. Moreover, these accounts supply important value financial savings, decreasing transaction prices by as much as 40% and enhancing transaction pace.
Appel views OPAL’s partnership with Currencycloud for instance of fintech-to-fintech collaboration success. He believes that such synergies are the car for elevated competitors within the monetary sector, pushing for steady innovation and enchancment in companies.
In OPAL’s case, meaning permitting companies within the area to learn from entry to inexpensive, user-friendly, and environment friendly monetary instruments that may streamline their operations and help their progress.
“As we proceed to develop and increase our choices, we stay assured that our partnership with Currencycloud will function a cornerstone of our success, empowering SMEs to drive constructive change inside the monetary trade.
I imagine that fintech-to-fintech collaborations like that of OPAL and Currencycloud will help companies to leapfrog expertise and shortly profit from B2B banking and fee options, to deal with the gaps left by conventional banking companies,”
stated Appel.
Learn how Currencycloud will help you construct your funds infrastructure by chatting with one in all their consultants right now.
