Mangopay launches FX to support global expansion for platforms and marketplaces

Payments infrastructure provider Mangopay has expanded its cross border capabilities with an end-to-end FX solution.

Serving more than 2,500 platforms globally, including Vinted, Ticketmaster, La Redoute and Wallapop, the solution is designed to support platforms and marketplaces as they expand internationally.

According to the company, the new product aims to “reshape” how platforms approach currency conversions by increasing transparency and control in cross-border payments.

“We consistently hear from the platforms and marketplaces we work with about the importance of taking control of their cross-border money movement so they can create delightful user experiences, optimise operations and drive business growth,” Mangopay chief product officer Kirk Donohoe said.

“Our FX solution completely removes the friction associated with traditional currency conversions, providing the flexibility to easily manage cross-border payment flows. It simplifies FX for the platforms we work with and their customers, from pay-in to payout and money movement within their ecosystem.”

The new solution includes ‘Spot FX’ which gives platforms access to real-time exchange rates for instant conversion and ‘Guaranteed FX’ which briefly locks in rates to mitigate against the risk of currency fluctuations.

Platforms will be able to implement FX at any point in the payment flow, not just pay-in or payout.