To make the process of funding your account a whole lot easier, we are delighted to announce a major upgrade to the way in which payments can now be received.
All our customers will be allocated a single own-named multi-currency account number which can accept SWIFT payments and hold funds in up to 34 currencies.
What this means for you
This new exciting feature means you and your customers will no longer need to include a payment reference when sending a payment to your account. A single unique IBAN will be allocated in your name which can be used to accept all your incoming currency payments.
So, whether you (or your customers) send in USD, EUR, HKD etc, it’s the same IBAN number every time, avoiding the need to manage multiple bank account details.
This will mean faster receipt of funds into your account and only one set of bank details to use when invoicing your overseas customers.
What about local payments? This one IBAN number does not replace the local payment account details which will still be displayed as an alternative payment method. So, for instance, a local GBP payment using Faster Pay can still be sent to your account using the Starling Bank details.
What do I need to do now? The new SWIFT settlement instructions will appear on your trade confirmations so you will need to update any internal templates you use as well as our SWIFT payment details on your bank’s platform.
Maximise efficiency – save money All funds are automatically screened and reconciled, so no more time consuming manual processes, saving you time and money.
Can I still use the Currencycloud named bank details? The Currencycloud named accounts will still accept payments using the appropriate payment reference for a period of time. However, we advise updating your settlement details (and your invoices) with the new bank details to avoid any future delays.
What’s next ?
Here at CurrencyWave we are committed to making the whole process of dealing with cross-border payments as efficient and transparent as possible.
In the coming weeks we will be announcing the launch of our SWIFT gpi tool which will offer real-time trace and tracking of outgoing payments at the click of a button. This will allow you to chart the progress of your payments through the global banking system, much in the same way you might track an Amazon parcel delivery.