Mangopay, a modular and flexible payment infrastructure provider for marketplaces and platforms, today announces the expansion of its cross-border capabilities with the launch of its end-to-end FX solution, designed to support the international growth of platforms and marketplaces.
Mangopay’s new FX solution aims to reshape how platforms of all types approach currency conversions by bringing more transparency and control into cross-border operations. This enables them to unlock new revenue streams, create local payment experiences for their users, and increase control of their treasury operations.
Mangopay, which was recently named one of FXC Intelligence’s most promising cross-border payment companies, provides its flexible modular payments infrastructure to over 2,500 platforms globally to help them scale, including brands such as Vinted, Chrono24, Wallapop, La Redoute and Rakuten.
Mangopay’s end-to-end FX solution enables platforms to build a flexible and modular cross-border strategy. It includes Spot FX, which allows platforms to access real-time exchange rates for instant conversion, and Guaranteed FX, which briefly locks in rates to mitigate the risk of currency fluctuations. In a survey of 200 chief financial officers (CFOs) and nearly 300 treasurers, 77% of CFOs in EMEA said that their company had suffered reduced earnings in the previous two years due to avoidable FX risk.
By leveraging Spot or Guaranteed FX, platforms are able to offer local buying experiences that help reduce checkout churn, take control of their treasury and liquidity management, and enable both their buyers and sellers to collect and convert funds in multiple currencies. Platforms can implement FX at any point of the payment flow, without being limited to converting currencies during pay-in or payout.
In addition, Mangopay is strengthening its payout network over the coming months to facilitate faster and more cost-effective global payouts to over 60 currencies, with local settlement in over 20 currencies.
Kirk Donohoe, Chief Product Officer, Mangopay, says: “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. 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.
“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.”