Poland’s Currency One has launched Valuto.com, a European multi-currency platform for business-to-business (B2B) and business-to-consumer (B2C) payments.
The Warsaw-based online currency exchange service provider said that it plans to demonstrate the site’s open application programming interface (API) at the forthcoming Finovate Europe technology conference, to be held in London on February 9-10.
Currency One describes Valuto as “a cost-effective solution that facilitates everything from foreign exchange to sending and receiving transfers in local currencies across Europe.
“The solution accesses the company’s network of bank accounts across Europe, enabling customers to send and receive same day transfers at a fraction of the cost offered by their banks. The platform also leverages the company’s existing currency-exchange marketplace, which boasts over 380,000 registered users and facilitated over €3.2bn in exchanges in 2015,” the company states.
“We use the term ‘cross-border’ when, in reality, customers are able to make domestic, localised payments using our network of bank accounts throughout Europe,” said Currency One’s chief executive officer (CEO) and co-founder Michał Czekalski.
“If a Swedish user would like to make a payment to his supplier in Hungary, he can exchange krona (SEK) for forints (HUF) using our peer-to-peer (P2P) marketplace before making a pay-out via our account in Budapest.”
“I believe that an API is the best way to access banking,” added Lukasz Olek, chief product officer and co-founder. “It puts financial transactions in a context that has greater meaning for end users.
“We think that forcing customers to perform their operations manually through a banking system located behind a firewall is old fashioned. Making account operations such as sending or receiving a transfer part of an automated workflow will increase our customer’s productivity.”
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.