Mangopay unveils a cutting-edge FX solution, enhancing cross-border capabilities for online platforms globally.
Mangopay, a provider of payment infrastructure, has unveiled a foreign currency (FX) solution intended to improve cross-border capabilities and facilitate online platforms’ global expansion.
The FX solution seeks to improve platform handling of currency conversions in cross-border transactions by increasing transparency and control. The principal objective is to enable these platforms to investigate novel revenue streams, provide customers with customised payment experiences, and enhance their oversight of their treasury functions.
Moreover with a global reach, Mangopay provides over 2,500 platforms—including well-known companies like Vinted, Chrono24, Wallapop, La Redoute, and Rakuten—with its adaptable, modular payment infrastructure, enabling them to grow their businesses.
The response
The end-to-end FX solution gives platforms the resources they need to create a flexible and adaptive cross-border plan. It has features like Guaranteed FX, which temporarily locks in rates to reduce the risk associated with currency volatility, and Spot FX, which gives platforms access to real-time exchange rates for instant currency conversion.
This development follows a survey conducted among 200 chief financial officers (CFOs) and about 300 treasurers, in which it was revealed that 77% of CFOs in the EMEA region had reported lower earnings in the preceding two years as a result of needless foreign exchange risk.
Platforms can offer localised shopping experiences that lower checkout abandonment rates, manage their treasury and liquidity, and let buyers and sellers handle fund collection and currency conversion by utilising the features of Spot or Guaranteed FX. Crucially, this adaptability frees platforms from having to limit currency conversion to pay-ins and payments; instead, it enables FX to be implemented at different points in the payment process.
Furthermore, the business will be fortifying its payout network in the upcoming months in order to enable quicker and more economical international payouts to more than 60 currencies, with local settlement available in more than 20 currencies.
Disposing of friction
“We consistently hear from the platforms and marketplaces we work with about the importance of taking control of their cross-border money movement so they can create delightful user experiences, optimise operations, and drive business growth,” said Kirk Donohoe, chief product officer of Mangopay.
“The friction involved in traditional currency conversions is eliminated entirely with our FX solution, giving you the freedom to effortlessly handle cross-border payment flows. From pay-in to payment and money flow inside their ecosystem, it streamlines FX for the platforms we work with and their clients. Finally our success is based on our clients’ success, and our key approach continues to be enabling them to realise their goals through cutting-edge cross-border goods and payment infrastructure. The chance to aid in the global expansion of the platforms we support fills us with great excitement.
