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…
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Manage your International business Build your customer experience anywhere
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GPI Payment Tracking - Amazon Parcel Style
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You don't need 10's of Bank Accounts
Us…
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We are a trusted platform using Currency Cloud We get you to market quickly PaymentTracking, transparency for your clients
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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.
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Authenticate
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Find settlement accounts
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Find funding accounts
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Push notification sent
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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.
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
