Payments solutions provider Plastiq has partnered with Silicon Valley Bank (SVB) to allow businesses to make foreign exchange (FX) payments using credit cards.

Businesses can now pay international suppliers using their credit cards, even where they are not accepted.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The payments will be made in the supplier’s local currency rather than in US dollars.

SVB will continue to roll out new currency options with an aim to enable FX payments for clients in more than 90 international currencies.

SVB also enables its commercial card clients to benefit from preferential Plastiq pricing, while paying suppliers who do not accept credit cards.

Silicon Valley Bank senior FX advisor Shawn Repulles said: “Adding the FX payments capability to Plastiq’s card acceptance product will make it easier and faster for companies to make secure payments in the currencies that work best for their suppliers.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Companies that use Plastiq can free up 30-45 days of cash flows by paying bills using their credit cards.

Plastiq processes both domestic and global payments within three business days at a flat fee.

The company enables credit card payments for as many as one million customers, by working with Mastercard, Visa, and American Express.

Plastiq CEO and co-founder Eliot Buchanan said: “We are looking forward to deepening our relationship with SVB to provide our respective clients with FX payments integration using Plastiq.

“This unique value-add will empower businesses to further optimize their cash flow and maximize their working capital to ensure their companies can continue operating during this time of economic uncertainty.”