ARTICLE
Mambu strengthens international payments with enhancements to our Currencycloud connector
1 August 2023
Mambu and Currencycloud have built a joint solution for banks and fintechs looking to seamlessly bridge Mambu’s Cloud Banking Platform and Currencycloud’s cross-border payments infrastructure.
The connector acts as a middle layer to monitor payments being made to and from Currencycloud accounts and automatically create the necessary transactions within Mambu, covering everything from creating and linking contacts and sub-accounts in Currencycloud when a new client or deposit account is created in Mambu to processing incoming and outgoing payments, including optional anti-money laundering checks.
We’re happy to announce that a new version of the Currencycloud and Mambu connector has been released. Here are the exciting updates to look out for:
- Enhanced transaction monitoring for cross-border payments by adding the ability to set screening thresholds for foreign exchange transactions outside of the home currency. This adds an extra layer of security and ensures better protection against unusual transactions, in compliance with the risk-based approach to transaction monitoring that banks and financial institutions across the world are required to implement.
- Streamlined international payments with multi-currency account pools. We have streamlined the booking process to ensure more efficient communication between the Mambu Cloud Banking Platform and CurrencyCloud. During payment booking, we ensure correct linking between accounts and sub-accounts in Currencycloud and deposit current accounts in Mambu ensuring more streamlined processing for incoming and outgoing payments.
- Faster and improved handling of negative use cases for failed and returned payments allowing for a more efficient process,
- Optimised value date handling ensuring consistency in the communication of payments’ value dates between Mambu and CurrencyCloud, resulting in reduced failures, errors and repair payments.
Stay tuned for more updates as we continue to enhance this connector. You can find more information about Currencycloud’s solutions on their website or head to their developer portal where you can also test their APIs in a demo environment.
If you would like to request early access to this connector, please get in touch with your Mambu Customer Success Manager to discuss your requirements. Not yet a Mambu customer? Get started today.
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