International payments provider Currencies Direct has announced an expansion of its North America operation.
The announcement comes after Currencies Direct received regulatory approval to operate in both New Jersey and Washington.
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Having launched its flagship US office in 2007, it currently operates in Florida, Georgia and North Carolina.
Furthermore, it has seen 37% growth year-on-year in turnover in the US.
Currencies Direct has recently launched a number of new product launches. These include an improved batch payments service, which allows organisations to make batch payment runs over 100 times quicker than before.
In addition, it launched its Developer Platform API, giving third parties access to its tech infrastructure.
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By GlobalDataNeil Cooper, chief financial officer at Currencies Direct said: “We’re thrilled to be able to offer our service to a larger US audience. We’re seeing clear demand among customers and increased volumes of payments to and from the US and Europe.
“We believe that US customers simply don’t have the breadth of choice available to those in Europe – our aim is to fill that gap.”
Hardik Shah, group head of product at Currencies Direct, added: “With major players recently exiting the marketplace, we see significant opportunity in this expansion and are responding to clear calls from customers, who value our offering of both personalised service and innovative tech-based solutions.”
In December 2018, Currencies Direct announced it would expand its plans to use Ripple’s xCurrent product to India. xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking for customers.
It includes a rulebook developed in partnership with the RippleNet Committee that ensures operational consistency and legal clarity for every transaction. Customers are able to track their payments at every stage, from the moment money leaves their account to when it lands in the recipient’s account.
At the time, Marcus Treacher, SVP of Customer Success, Ripple, said: “As RippleNet expands, it’s encouraging to see companies like Currencies Direct using blockchain technology to support remitters around the world. While they are starting with India, we’re working closely with them to move into other markets as soon as possible.”
