British challenger bank Cashplus has collaborated with local payments operator Currencycloud to introduce an international payments service for business customers.

The new service will be focused on supporting SMEs secure a more transparent deal on their international payments.

Cashplus said that the partnership with Currencycloud will enable its customers to gain access to live foreign exchange rates and convert into 35 currencies.

The new service will be rolled out later this year and will also be offered to personal account customers.

Currencycloud CEO Mike Laven said: “Partnering with Cashplus to deliver the newest international payment service in its Now generation portfolio means taking the friction out of cross-border payment processes for small and medium businesses, giving them the ability to truly compete on a global scale.”

Cashplus CEO Rich Wagner added: “As one of the best-established disruptors in our sector, we’ve partnered with Currencycloud to develop this new product as we see their network and technological expertise as on a par with our own and able to deliver a smooth experience to our thousands of customers seeking to move from kitchen table to world stage.”