Revolutionising Currency Management for Global Consumers.

Harnessing digital solutions to enhance user experiences in the international payments space.

Use cases

Travel / FX
Operating regions

Europe
CUSTOMERS

EU consumers looking for a travel card

The partner

Established in 1996, Currencies Direct is a pioneering force in bank-to-bank foreign exchange and international payments. The company has grown significantly over nearly three decades, evolving with the international payments landscape to offer exceptional service underpinned by advanced technology. 

With a presence in over 25 countries and backed by both a physical and digital network, Currencies Direct is a one-stop shop for comprehensive currency solutions, managing over £10bn in transactions yearly.

Currencies Direct holds an ‘Excellent’ rating on Trustpilot, with a 4.9 out of 5-star score (the highest in their industry), demonstrating their expertise and reliability in providing a secure remittance service.

The challenge

Currencies Direct has consistently aimed to refine and expand its service offerings to meet the dynamic needs of its global customer base. Building on its robust system for international money transfers, the company identified an opportunity to service the needs of its customers who wanted to be able to spend their money internationally.

Currencies Direct observed that with many of their customers owning overseas properties and travelling frequently, there was a gap that they wanted to fill. They outlined three main objectives:

Service Expansion: The need to supplement their existing remittance solutions with functionalities that allow customers to spend internationally as easily as they do at home.
Customer Engagement and Retention: Enhancing the digital customer experience to improve engagement and retention, leveraging technology to meet modern consumer expectations.
Market Differentiation: Distinguishing its services in a competitive market, crowded with new and evolving fintech solutions.

The solution

The partnership between Currencies Direct and Thredd was instrumental in addressing these challenges. Thredd's comprehensive API suite, global reach, and scalable platform enabled Currencies Direct to launch a multi-currency debit card that allowed their customers to "spend like a local" overseas (and spend seamlessly at home, too) while also managing all their currency requirements through a single account.

Thredd’s role in this partnership went beyond merely supplying a technological framework; it involved tailoring a high-tech solution that aligns seamlessly with Currencies Direct’s operational needs and customer expectations. Thredd provided a robust, flexible platform that integrated with Currencies Direct's systems, facilitating the launch of the multi-currency debit card with no disruption to existing services.

Customised Technological Framework: Thredd’s technology stack is used to handle the complexities of multi-currency transactions to ensure transparency and efficiency for end-users, regardless of their location. This bespoke solution includes advanced security features to safeguard user data and transaction details, a critical financial service requirement.
Scalability and Flexibility: Thredd's architecture was designed for scalability, supporting Currencies Direct’s growth ambitions without compromising performance. This flexibility has allowed Currencies Direct to plan further geographic and service expansions confidently.
Continuous Innovation: Thredd’s commitment to innovation means that Currencies Direct is always at the forefront of financial technology. Regular updates and upgrades ensure that services remain optimal and can adapt to changing market conditions and regulatory environments.

The impact

The introduction of the multi-currency debit card was met with enthusiastic approval from Currencies Direct’s diverse customer base and the successful rollout has reinforced their position as a market leader for financial innovation.

Thousands of new and existing customers across multiple countries have adopted the card, filling a crucial gap in Currencies Direct's service portfolio and driving higher transaction volumes and values. The partnership has also improved operational efficiency, enabling Currencies Direct to manage increased transaction volumes without proportional rises in overheads.

The feedback collected has been instrumental in shaping the continuous improvement of service offerings, including:

Adapting to Consumer Needs: Analysis of spending patterns revealed that customers frequently use the card for transactions in supermarkets, restaurants, and ATMs, particularly in the regions where these cards were first introduced. This has led to adaptations in marketing strategies to highlight the most relevant features and benefits for these common uses.
Enhanced Customer Support: The data also indicated a need for robust customer support in the digital platform, with the team providing 24/7 assistance for transaction-related queries.

With Thredd's partnership, we've transformed our service delivery, enabling customers to not only transfer but also easily spend money internationally. This collaboration has set a new benchmark for customer-centric financial solutions in our industry.

Hardik Shah Global Head of Product, Currencies Direct

The payoff

As a result of the partnership, Currencies Direct has significantly enhanced its product offerings, leading to operational cost reductions and improved customer satisfaction. The success of the multi-currency debit card has validated the company’s innovative approach and positioned it well for future expansion.

  Thanks to our collaboration with Thredd and our teams' dedication and commitment to providing a customer-first experience, we can be truly proud of the outcomes we’ve seen to date.