Skaleet Introduces FOREX and Multi-Currency Payments

Multi-currency payments have become an essential feature for both individuals and businesses with international financial needs. According to a recent McKinsey study, the volume of cross-border transactions is expected to reach $250 trillion by 2027, with an annual growth rate of 5%. Additionally, a 2024 survey by Visa reveals that 73% of consumers prefer to shop online in their local currency. These figures highlight the growing importance of multi-currency payment solutions to meet the expectations of increasingly connected individuals seeking simplicity in their transactions.

Skaleet now offers a multi-currency payment and forex feature designed to facilitate transfers between accounts in different currencies. This article presents several real-life use cases to illustrate the possibilities Skaleet offers to both individual and business clients.

Interbank Transfers

Use Case 1: Sending Money to a Relative Abroad
Ms. X, who lives in Europe, wants to transfer money to her nephew, Mr. Y, who lives in South Africa. Her account is in euros, while Mr. Y’s account is in South African rand (ZAR).
With the multi-currency payment feature, Ms. X can complete this transfer in just a few clicks, directly from her banking app. She selects the recipient, enters the amount in euros, and confirms the transaction. Mr. Y receives the funds in his local currency.

Use Case 2: Accepting E-commerce Payments in Multiple Currencies
An independent clothing brand based in Portugal sells its products online to customers across Europe, as well as in the UK, the US, and Canada. To provide a seamless experience for its buyers, the brand allows them to pay in their own currencies (GBP, USD, CAD, etc.).
Thanks to Skaleet’s multi-currency payment feature, the company can receive payments in local currencies while maintaining clear and centralized visibility over its cash flows via its B2B Web Portal.

Account-to-Account Transfers

Use Case: Managing Multiple Currency Accounts
Mr. Z, who works between Paris and New York, has an account in euros and another in US dollars (USD) with the same bank. He wants to transfer part of his salary from his euro account to his dollar account to cover expenses in the US.
With the forex feature, Mr. Z can initiate the transfer between his own accounts directly from his banking app. The amount is automatically converted, allowing him to maintain control over his finances wherever he is.

A Configurable Feature, Available on All Your Usual Channels

Multi-currency payments can be made through the Client App, Web Client, Web Corporate, and Web Distributor. Whether your clients are individuals, businesses, or distributors, they can now make currency transfers easily, anytime. You can configure currency pairs directly in Skaleet to define which currencies your clients are allowed to convert between.
From an accounting perspective, multi-currency payments are managed directly in customer bookkeeping, using a foreign exchange position account and a countervalue account to comply with double-entry accounting principles and ensure balance by currency.

Multi-Currency Payments at the Heart of Modern Banking Practices

The multi-currency payment feature is a strategic asset in a context where international capital flows have become commonplace. By facilitating transfers between accounts in different currencies, it addresses the needs of both individual and business clients whose financial activities now extend beyond national borders. It enhances the banking experience and supports a service offering aligned with contemporary use cases.

In a world where international transactions have become the norm, the ability to make multi-currency payments is essential.
Contact the Skaleet team to learn more about Skaleet’s multi-currency payment feature.