ARRACO SPARK

Arraco Spark will help take your cross-border payments to the next level.  Spark integrates international and local clearing into your payments and FX platform, enabling you to build the international banking experience your customers deserve.

A single IBAN that detects all 34 currencies. No more multiple Bank accounts & receiving fees.

Arraco Spark allows you to add international and local clearing as a service, seamlessly integrating into your existing platform and enabling you to build the international banking experience your customers deserve.

Unlike other banking service providers, Spark works in the background, meaning you still have full control over the customer relationship, user experience and the pricing strategy.

Unique multi-currency accounts created in customer's name

Hold funds in 34 currencies*

Receive funds from anyone

Pay out funds to anyone

*permitted jurisdictions and restricted countries apply

Features and Benefits

Improved customer service

Our clients can receive funds in  different currencies using unique  account details in their own name.

Easy integration

Easy to add into your current  platform via our APIs or Currencycloud Direct.

Reduce costs

You can hold money in 34 currencies,  minimizing the conversions of  inbound and outbound payments.

Transparency over fees

Payment fees and rates are clear and transparent so you know what to expect.

Securely automated

All funds are automatically screened  and reconciled - no more manual  processes that take days.

Flexible payments

You can pay in up to 33 currencies via SWIFT and 17 currencies locally.

Why is Spark different?

You as our client…

  • Manage your International business  Build your customer experience anywhere

  • GPI Payment Tracking - Amazon Parcel Style

  • You don't need 10's of Bank Accounts

Us…

  • We are a trusted platform using Currency Cloud  We get you to market quickly  PaymentTracking, transparency for your clients

  • We provide cloud-native, API-driven technology

Implementation

The APIs behind the scenes

The money flow

API toolkit for collections

Arraco Spark utilises a broad range of our useful APIs, however for collections the following API  toolkit is available.

  • Authenticate

  • Find settlement accounts

  • Find funding accounts

  • Push notification sent

  • Get sender details

SUPPORT AND GUIDANCE

Easy integration

Easy to add into your current  platform via our APIs or  Currencycloud Direct.

Permitted jurisdictions - 57 countries

Currencycloud has restricted  the countries that it will  serve, at both the client level  and at the payer level for  layered/nested relationships.

Find out more

Åland Islands 

Austria 

Australia 

Belgium 

Bulgaria 

Canada 

Cayman Islands 

China

Croatia 

Cyprus

Czech Republic 

Denmark

Estonia 

Finland 

France 

Germany 

Gibraltar 

Greece 

Guadeloupe 

Guernsey 

Hong Kong 

Hungary 

Iceland 

India

Ireland 

Isle of Man 

Israel

Italy 

Japan 

Jersey 

Latvia

Liechtenstein 

Lithuania 

Luxembourg 

Malta 

Martinique

Mayotte 

Monaco 

Netherlands 

New Zealand 

Norway 

Poland 

Portugal 

Réunion 

Romania

Saint Martin  (French part)

Singapore

Slovakia 

Slovenia 

South Africa 

South Korea 

Spain 

Sweden 

Switzerland 

Taiwan

United Kingdom 

United States

Receiving funds - 34 countries

You can receive funds in the following currencies from any permitted jurisdiction:

SWIFT

Australian Dollar(AUD)

 

Bahrain Dinar(BHD)

 

Bulgarian Lev(BGN) 

 

Canadian Dollar(CAD) 

 

Chinese Yuan(CNY) 

 

Croatian Kuna(HRK) 

 

Czech Koruna(CZK) 

 

Danish Krone(DKK) 

 

Euro (EUR)

Hong Kong Dollar(HKD) 

 

Hungarian Forint(HUF) 

 

Israeli Shekel(ILS)

Japanese Yen(JPY) 

 

Kenyan Shilling(KES)

 

Kuwait Dinar(KWD)

 

Mexican Peso(MXN)

New Zealand Dollar(NZD) 

 

Norwegian Krone(NOK) 

 

Omani Rial (OMR)

Polish Zloty(PLN) 

 

Qatar Rial (QAR) 

 

Romanian Leu(RON) 

 

Russian Ruble(RUB) 

 

Saudi Riyal (SAR)

Singapore Dollar(SGD) 

 

South African Rand(ZAR) 

 

Swedish Krona(SEK) 

 

Swiss franc(CHF)

 

Thai Baht (THB) 

 

Turkish Lira(TRY) 

 

Ugandan Shilling(UGX) 

 

UK Sterling(GBP) 

 

United Arab

Emirates (AED)

 

US Dollar (USD)

Local

Euro (EUR)

UK Sterling(GBP) 

 

US Dollar (USD)

Converting funds - 38 countries

You can convert funds in the following currencies:

SWIFT

Australian Dollar(AUD)

 

Bahrain Dinar(BHD)

 

Bulgarian Lev(BGN) 

 

Canadian Dollar(CAD) 

 

Chinese Yuan(CNY) 

 

Croatian Kuna(HRK) 

 

Czech Koruna(CZK) 

 

Danish Krone(DKK) 

 

Euro (EUR)

Hong Kong Dollar(HKD) 

 

Hungarian Forint(HUF) 

India(INR)* 

 

Indonesia(IDR)*

 

Israeli Shekel(ILS)

Japanese Yen(JPY) 

 

Kenyan Shilling(KES)

 

Kuwait Dinar(KWD)

 

Mexican Peso(MXN)

New Zealand Dollar(NZD) 

 

Norwegian Krone(NOK) 

 

Omani Rial (OMR)

Philippines(PHP)*

Polish Zloty(PLN) 

 

Qatar Rial (QAR) 

 

Romanian Leu(RON) 

 

Russian Ruble(RUB)

 

Russian Ruble(RUB)**   

 

Saudi Riyal (SAR)

Singapore Dollar(SGD) 

 

South African Rand(ZAR) 

 

Swedish Krona(SEK) 

 

Swiss franc(CHF)

 

Thai Baht (THB) 

 

Turkish Lira(TRY) 

 

Ugandan Shilling(UGX) 

 

UK Sterling(GBP) 

 

United Arab

Emirates (AED)

 

US Dollar (USD)

Local

Euro (EUR)

UK Sterling(GBP) 

 

US Dollar (USD)

*Indian Rupee (INR), Indonesian Rupiah,  Malaysian Ringgit and Philippine Peso  are restricted currencies. Currencycloud  supports INR, IDR, MYR and PHP as buy currencies only to make payments  directly in country. You cannot fund these  currencies directly or convert them into  any other currency.

** Currencycloud supports RUB as a sell  currency only. You can not convert any  other currency into RUB for payments.

SWIFT only

Bahrain Dinar(BHD)

 

Bulgarian Lev(BGN) 

 

Chinese Yuan(CNY) 

 

Croatian Kuna(HRK) 

 

Israeli Shekel(ILS)

Japanese Yen(JPY) 

 

Kenyan Shilling(KES)

 

Kuwait Dinar(KWD)

 

Mexican Peso(MXN)

New Zealand Dollar(NZD) 

Omani Rial (OMR)

Qatar Rial (QAR) 

 

Romanian Leu(RON) 

Sending funds - 33 SWIFT, 17 local

You can send funds in the following currencies:

SWIFT and local

Australian Dollar(AUD)

Canadian Dollar(CAD) 

 

Czech Koruna(CZK) 

 

Danish Krone(DKK) 

 

Euro (EUR)

Hong Kong Dollar(HKD) 

 

Hungarian Forint(HUF) 

Norwegian Krone(NOK) 

Polish Zloty(PLN) 

Singapore Dollar(SGD) 

Swedish Krona(SEK) 

 

UK Sterling(GBP) 

US Dollar (USD)

Local only

Indian Rupee(INR)

 

Indonesian Rupiah (IDR)

 

Malaysian Ringgit (MYR)

 

Philippine Peso (PHP)

Saudi Riyal(SAR)

South African Rand(ZAR) 

Swiss franc(CHF)

 

Thai Baht (THB) 

 

Turkish Lira(TRY) 

 

Ugandan Shilling(UGX) 

United Arab

Emirates (AED)

FAQs

Will receipts be automated 24/7, or only  during UK hours?

Our systems will be automated and work 24 hours  a day, 7 days a week. However, some payment  schemes have set working hours. The following

payment schemes have the following working hours:

 

 

 

 

 

 

 

 

 

 

Will there be a different IBAN for each of the  34 currencies I can receive in via SWIFT?

No. There will be one unique SWIFT IBAN per  account within our system. This IBAN can receive all  34 currencies. The correct currency balance will be  credited based on the currency received.

Can we trace inbound SWIFT funds via Global  Payment Innovation (gpi)?

No, we are currently unable to track inbound  payments via GPI because we won't have the  required tracking id until we receive the funds.

Global Payment Innovation (gpi) is an initiative  created by SWIFT to improve customer experience  in cross-border payments. Its aim is to put the  power back in the hands of the customer when it  comes to paying and receiving funds cross-border.  

Local GBP via faster payments

International SWIFT

Local EUR via SEPA Credit Transfers

Local USD via FEDwire/ACH

24 hours, 7 days a week

06:00 to 20:00 GMT/BST

 

07:30 to 17:30 CET/CEST

09:30 to 17:00 EST/EDT

Will the SWIFT IBAN be displayed in outbound  SWIFT payments as the sending account?

Outbound SWIFT payments will come from the  account holder and not Currencycloud but they  won't originate from the SWIFT IBAN attached to  that account.

How long does it take for an inbound transfer  to appear in the Spark account?

This is dependent on the payment rail used:

Local GBP payments via faster payments are usually  received and allocated in minutes.

Local EUR payments are generally received within  a few hours of payment depending on the cut off  times of the sending bank.

Local USD payments are received same or next day  depending on the amount sent and the cut off times  of the sending bank.

The time it takes for SWIFT funds to reach us  is dependent on the bank, currency and the  correspondent banking chain. Once the funds

have arrived we will typically credit the account  in seconds.

Get in touch to find out more

UK  +44 (0)20 7050 0549

Email  dealing@arracofx.co.uk

The Currency Cloud Limited is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 and the Payment Services Regulations for the issuing of electronic money and the provision of payment services with FCA registration number 900199.  In the US Currency Cloud operates in partnership with CFSB. CFSB fully owns the bank program and services are provided by The Currency Cloud Inc. ©2020 Currency Cloud Limited. The Currency Cloud name and logos are trade marks. All rights reserved. 6522/0420

Contact

dealing@arracofx.co.uk

00 44 (0) 208 065 4100

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Regulation

Arraco FX currency exchange services are provided by Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ.  The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money. FCA registration number: 900199

Global Currency Exchange Network Limited T/A GC Partners is authorised by the Financial 

Conduct Authority under the Payment Services Regulations 2017, FRN 504346.
Registered as a Money Services Business, regulated by HM Revenue & Customs (“HMRC”) under the Money Laundering Regulations 2017. Registration number is 12137189. 
Registered in England and Wales, Company number 04675786. Registered Office 3rd Floor 100 New Bond Street, London, England, W1S 1SP. Global Custodial Services Limited T/A 

 

GC Partners is authorised and regulated by the FCA and holds Part IV Permissions under the 

FSMA 2000. Registration number 595875 
Registered in England and Wales, Company number 08321940. Registered Office 3rd Floor 100 New Bond Street, London, England, W1S 1SP. 

ARRACO Global Markets Ltd (ACGM) Corporate Entity

Limited Company Registered in the UK with Companies House, registration number 09783536.  Registered Office: First Floor, Unit 2 Dolphin House, Riverside West, Smuggler's Way, Wandsworth, London SW18 1DF.  Regulated by the Financial Conduct Authority - authorisation code: FRN 719144​

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