The virtual account, available for individuals and businesses, offers 35 currencies and pays out to 190 countries
UK-headquartered Currencycloud offers multi-currency virtual accounts, which GAT Bank will utilise, to collect, convert, pay and manage funds for its clients, without the need to integrate multiple banks and payment providers.
The app, named GAT Money, will offer clients “competitive FX rates, and an extensive cross-border collections and payments network”, the Malaysia-based bank said in a statement.
The virtual account, available for individuals and businesses, offers 35 currencies, including USD, EUR, CAD and GDP, and pays out to 190 countries.
Launched in 2021, the Malaysian fintech started as an investment platform, and also offers a trading platform, through its GAT Trader app.
Jill Murray, director of GAT Investment Bank, said the bank was looking for a provider who could offer its customers the benefits of global banking, and Currencycloud fit the bill.
Murray commented: “Thanks to Currencycloud’s APIs we are instantly connected to an extensive cross-border collections and payment network that allows GAT Money to be our customers’ global banking partner.
“Currencycloud’s local payout function has also enabled us to cater to smaller clients in more countries, giving them access to a global banking service that they otherwise wouldn’t have.”
Rohit Narang, managing director of APAC, at Currencycloud, added: “GAT Investment Bank understands the issues faced by their clients, many of whom are importers and exporters who need a cost-effective, near-instant way of making cross-border transactions. GAT Money is the result of this understanding, and we are delighted to be part of their solution.”