Currency payments on a soft commodities platform
A UK-based soft commodities platform was initially launched as a way for those in the UK agricultural sector to buy and sell from one another. As the platform grew the business behind it wanted to expand the current offering and become a global marketplace but was unsure how to manage the payments side of things to allow customers to buy and sell in their home currency.
After speaking with Currency//UK about application programme interface (API) integration the platform chose them to manage their foreign exchange requirements and automate their international payments. Currency//UK’s API is able to support the thousands of transactions taking place on the online platform as well as solving transaction hurdles for customers when it comes to the currency they wish to make or receive their payments in.
There are also benefits when it comes to minimising costs for the business behind the platform as they are able to reduce the number of settlement payments they have to pay by utlising Currency//UK’s settlement process
Due to the variations in industry and the location of commodities, many transactions have a foreign exchange element to them and through Currency//UK’s API the platform is able to instantly hedge against foreign exchange risks by locking in rates on agreed transactions.
Since moving onto Currency//UK’s API the soft commodities platform continues to go from strength to strength and is looking to branch out into other territories in the near future.