B2B payments hub Qolo is integrating with international payment company moneycorp in order to offer a new foreign exchange payments solution to help businesses access a less expensive, automated payment tool, according to a press release.
Qolo, founded in 2018, aims to help companies navigate the modern financial landscape of payments, including gig worker payments as well as multicurrency and cross-border needs. The release stated that the two companies want to move away from the exponential fees, occasional delays and third-party charges that currently ail foreign exchange payments, and address cross-border needs.
Moneycorp is able to operate in all 50 states and is regulated federally by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), the release stated. The partnership will allow customers to access an online payments platform any time and have payment accuracy that moves away from older manual processes into new, automated ones.
Bob Dowd, moneycorp’s U.S. CEO, said in the release that the partnership would be one that would “create better ways to process payments” and “drive these practices to the next level.” He praised Qolo as “an outside the box thinker” that could aid clients seeking “custom tailored solutions.”
Likewise, Qolo CEO Patricia Montesi said the partnership “furthers access for companies seeking better ways to navigate global payments. With moneycorp’s institutional strength, highly regulated structure and global reach, we can leverage our ability to process cross-border payments. We are experiencing explosive demand for these capabilities.”
Qolo recently debuted its comprehensive B2B payment platform, PYMNTS reported. The platform will address issues with speed, security and costs for the payments. Qolo supports a range of functions, including neobanking and associated or prepaid debit cards, and Montesi said its B2B platform would be “holistic.” She said the idea is to offer numerous functions all on one platform and allow clients more freedom to find the solutions best for them.