Global Payments Simplified: Currencycloud's Journey with N-iX

Currencycloud is a global B2B platform that provides cross-border payments as a Service. It offers businesses the ability to manage their funds flow through the multi-currency wallet functionality and send funds across borders in different currencies. Currencycloud provides API blocks that allow businesses to build customized payment solutions. It currently has 85 different APIs across four modules – collect, convert, pay, and manage – that cover the entire workflow in B2B cross-border payments. Its clients have the option to embed Currencycloud payments infrastructure into their products or services. Currencycloud was an emerging player in the UK fintech arena when it first partnered with N-iX.

Currencycloud, a global B2B platform delivering cross-border payments as a Service, was in need of accelerating the development of their white-label Currencycloud Direct application. The company was an emerging player in the UK fintech arena with a basic product and funds raised through funding rounds. However, scaling teams in London proved to be time-consuming and expensive. The company was looking for an efficient way to expand their in-house team without incurring high costs and wasting valuable time. This led them to consider partnering with a nearshore partner to aid in the development of their products. Over the years, N-iX became a strategic partner for Currencycloud, contributing significantly to the development of their core products.

N-iX started its partnership with Currencycloud in 2013 with a team of four developers. The team worked on the development of Currencycloud Direct, a client-facing responsive web app that allows platform users to leverage the capabilities of Payment Engine without requiring integration with the API. They also contributed to the development of Connect API 2.0, a set of tools that allows customers to customize their workflows and automate their international payment processes. A year later, N-iX expanded its responsibilities to include manual testing and the development of a new automation testing framework. The team also worked on the automation of KYC, monitoring of inflows/outflows, and the compliance check system. Since 2018, N-iX has been involved in transitioning to microservices and migration of all services to a fully-managed Kubernetes cluster.

• The partnership with N-iX has resulted in significant improvements in Currencycloud's operations. The development of core products was accelerated, and new features were delivered on time. The introduction of an automation testing framework led to a faster development process and quicker time-to-market. The transition to a microservice-based approach to architecture design improved scalability and sped up development cycles. Payment optimization for different regions was achieved, and the compliance check system was automated. The partnership also led to integrations with over 10 third-parties, allowing Currencycloud to manage more currencies, increase the number of available payment routes, and process larger volumes of payments.

• N-iX accounts for a third of the client’s total R&D capabilities.

• Currencycloud is now processing around $400 million of payments every month.

• Integrations with over 10 third-parties that allow managing more currencies, increasing the number of available payment routes, and processing bigger volumes of payments.