Payment infrastructure provider Mangopay has announced the launch of its end-to-end FX solution developed to support international expansion of platforms and marketplaces. With the new solution, Mangopay intends to improve the way platforms approach currency conversions by introducing transparency and control into cross-border operations.

Platforms and marketplaces can receive additional revenue streams, create localised payment experiences for their users, and increase control of their treasury procedures. FX solution’s objective and capabilities With Mangopay’s end-to-end FX solution, platforms can develop a flexible and modular cross-border strategy and, by having Spot FX integrated, allows them to access real-time exchange rates for instant conversion. The Guarantee FX feature locks in rates to reduce the risk of currency fluctuations.

By using Spot or Guaranteed FX, platforms can provide local purchasing experiences that support the minimisation of checkout difficulties, control of treasury and liquidity management, and the enablement of both their buyers and sellers to collect and convert funds in multiple currencies. Platform can implement FX at any point of the payment flow, without the limitations of converting currencies during pay-in or payout. Furthermore, Mangopay intends to improve its payout network over the upcoming months to enable faster and more cost-efficient global payouts to over 60 currencies, with local settlement in over 20 currencies. According to officials, the company’s FX solution aims to eliminate the friction associated with traditional currency flows, as it simplifies FX for the partnering platforms and their customers for all payment processes in their ecosystem.

Mangopay’s recent developments With its modular payment infrastructure, Mangopay’s objective is to enable the platform economy and support marketplaces. Developed on its programmable e-wallet solution, the company’s end-to-end infrastructure covers platform payment needs, from pay-in to payout, for several business models and workflows. Recently, Mangopay entered multiple partnerships, including one with Aria, a France-based embedded invoice financing provider.

The collaboration was intended to offer B2B marketplace and transactional SaaS companies tools that enable them to manage their payments and credit efficiently. Through this partnership, Mangopay combined its modular payment offering with Aria’s credit technology and lending solutions. Moreover, at the beginning of November 2023, Mangopay announced that it received its EMI licence authorised by the FCA to deliver its services to the UK. In addition to being allowed to offer its suite of solutions to UK-based companies, the company could accelerate its strategic plan of growing its capabilities in the region.

The EMI licence enabled Mangopay to issue electronic money, facilitate digital payments, and deliver a range of other payment solutions and methods that meet the requirements of its clients. At the end of September 2023, Mangopay partnered with VTEX to extend an integration that enables marketplace operators to cover pay-in and payouts via a single solution. The collaboration was expected to further support the expansion of global marketplaces by ensuring positive buying and selling experiences. .