Currencycloud and Future FinTech Labs join forces to launch Remittance App Tempo
- Currencycloud teamed up with Future FinTech Labs (FTFT Labs) to help the New York City-based fintech launch the Tempo app.
- Tempo is designed to make it easier, safer and more efficient for US immigrants to send money abroad.
- Acquired by Visa in 2021, Currencycloud has processed more than $100 billion in cross-border money transfers since its inception in 2012.
Global payment solutions and infrastructure company Currencycloud has partnered with Future FinTech Labs (FTFT Labs) to help the NYC-based fintech launch a new remittance solution for US-based immigrants. The new offering, an app called Tempowill help immigrants living in the United States send money securely to North America, Italy, Spain, France, Germany, the United Kingdom, India, and the Philippines.
Tempo will give FTFT Labs customers access to a multi-currency wallet that makes sending money internationally easier and more cost-effective compared to other high-fee remittance services. Tempo app users will be able to utilize both FTFT Labs’ Conversion tool to buy and trade currencies and use FTFT Labs’ Funds feature to top off their digital wallet.
“Tempo represents a simple, fast and secure way to transfer money across borders,” said Sean Liu, CEO of FTFT Labs. “Working with Currencycloud and using the breadth of services enables us to offer our customers a seamless process from start to finish. We are confident that we will be able to continue to make remittance a seamless process for our end users.”
Tempo users pay a $2.99 pre-transaction fee — although the company currently offers customers fee-free transactions when they sign up. Transfers via Tempo happen instantly instead of over the three business days typical of other money transfer apps, and users can send as little as $20 or as much as $1,500. Tempo sees the transfer amount limit as an advantage compared to other money transfer apps that have no limit, and sees the limit as a way to help ensure “a high level of security by design for users.” The Tempo app is available for both Android and iOS devices.
Currencycloud debuted with Finovate in 2012, and most recently demonstrated its technology at FinovateSpring 2018. The London-based company serves banks, fintechs and currency brokers, helping them and their clients make seamless and secure cross-border transactions in multiple currencies. Since its inception, Currencycloud has processed more than $100 billion transferred between more than 180 countries. The company was acquired by Visa in 2021, and includes other Finovate alumni Dwolla and Mambu among its partners. Currencycloud has offices in New York, Amsterdam, Cardiff and Singapore.
“Migrants in the US should be able to send money across borders without friction and without prohibitive costs,” said Currencycloud sales director Lewis Nurcombe. “A fintech like Future FinTech Labs understands the needs of working people who want to send money to family and friends, and as such is successful in imagining how money flows for this huge market.”
Future FinTech Labs is a subsidiary and research and development center of FTFT Group. FTFT Labs is dedicated to designing, developing and providing operational support for FTFT’s digital banking and payment services.
Photo by Francesco Ungaro
