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ANNA, Currencycloud Team On SMB Banking

Small business account and tax app firm ANNA Money announced Wednesday (Aug. 18) it is working with cross-border finance specialist Currencycloud to enhance its international banking offering.

“A common issue with online banking is that customers often have to leave one app and go to another to facilitate an international payment,” the company said in a news release. “The Currencycloud solution for ANNA Money means they are able to offer customers international banking connected to their ANNA Money account without extra layers getting in the way.”

ANNA says the multi-currency account lets customers pay and receive in dollars, British pounds and Euros through Currencycloud’s Spark integration. The two companies say the solutions provided by their partnership are available now to ANNA customers.

“ANNA Money’s customers will benefit from a seamless international payments solution that will allow them to receive and pay out in multiple currencies, providing them with a platform to truly become global,” said Nick Cheetham, Chief Revenue Officer at Currencycloud.

Alexander Kokovin, product owner at ANNA Money, said the partnership addresses the wishes of ANNA customers who were seeking the ability to receive and send international currencies and have an IBAN (International Bank Account Number).

Read more: Alviere, Currencycloud Team On B2B eWallet For X-Border Payments

It was that sort of demand that fueled a previous Currencycloud partnership earlier this year. The company announced in May it was collaborating with the embedded finance platform provider Alviere on what the two companies called a “multicurrency cross-border embedded finance solution.”

The partnership involves Alviere providing enterprise clients with Currencycloud’s Spark product’s multicurrency eWallet. The product allows IBANs that facilitate transactions in up to 38 currencies at once.

“There is a real demand from our customers for cross-border functionality and it’s a strategic component of our growth,” Alviere Chief of Staff Steven Scofelia said at the time.

Learn more: Currencycloud Teams With Settle On X-Border B2B Payments

That announcement came weeks after the Norwegian mobile payments firm Settle Group said it was working with Currencycloud to provide wallet users and corporate clients in Europe with foreign exchange and international payments.

The companies said the collaboration lets Settle expand its payment network by allowing for local payouts “in markets where Settle is not connected through its own bank partnerships.”

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