Mangopay Improves Cross-Border Payments with New FX Solution

Payment infrastructure provider Mangopay is making waves in the fintech industry with its latest introduction—an FX (foreign exchange) solution designed to bolster cross-border capabilities and facilitate international growth for online platforms, according to The Fintech Times.

The new FX solution from Mangopay is poised to usher in a new era of transparency and control in handling currency conversions for cross-border transactions. Its primary objective is to empower online platforms to tap into fresh revenue streams, offer tailored payment experiences to users, and take greater control of their treasury operations.

Mangopay boasts a global presence, extending its versatile modular payment infrastructure to more than 2,500 platforms, including renowned brands such as Vinted, Chrono24, Wallapop, La Redoute, and Rakuten, thus aiding them in scaling up their operations.

This comprehensive FX solution equips platforms with a range of tools to craft a versatile and adaptable cross-border strategy. Among its key features, the solution includes Spot FX, which grants platforms access to real-time exchange rates for immediate currency conversion, and Guaranteed FX, a feature that temporarily locks in rates to mitigate the risks associated with currency fluctuations.

This development follows a recent survey involving 200 chief financial officers (CFOs) and almost 300 treasurers. Shockingly, 77 percent of CFOs in the EMEA region confessed to experiencing reduced earnings due to avoidable FX risks over the past two years.

By harnessing the potential of Spot or Guaranteed FX, platforms can deliver localized buying experiences, effectively lowering checkout abandonment rates. This solution also enables platforms to take charge of their treasury and liquidity management and facilitates fund collection and conversion in multiple currencies for both buyers and sellers. Notably, this flexibility allows platforms to implement FX at various stages of the payment process, eliminating the restriction of converting currencies solely during pay-ins or payouts.

Furthermore, Mangopay is committed to enhancing its payout network in the upcoming months, ensuring faster and more cost-effective global payouts in over 60 currencies, with local settlement available in more than 20 currencies.

Kirk Donohoe, Chief Product Officer at Mangopay, expressed his enthusiasm for this groundbreaking development, stating, «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, optimize operations, and drive business growth.»

«Our FX solution completely removes the friction associated with traditional currency conversions, providing the flexibility to easily manage cross-border payment flows. It simplifies FX for the platforms we work with and their customers, from pay-in to payout and money movement within their ecosystem.»

He added, «We do well when our customers do well, and supporting their ambition through innovative payment infrastructure and cross-border products remains core to our strategy. We are extremely excited about the opportunity to support the platforms we serve with their international growth.»

Mangopay’s innovative FX solution is poised to revolutionize the way online platforms handle cross-border payments. With enhanced transparency, control, and flexibility, this development promises to drive growth and improve the user experience for platforms and their customers alike.