Nook and Currencycloud Join Forces to Enable Multi-Currency Payments

Nook has partnered with Currencycloud to enable supplier payments in more than 35 currencies through Nook's all-in-one accounts payable (AP) platform.

The partnership with Currencycloud, whose application programming interface (API) technology facilitates multi-currency payments, expands the suite of services offered by Nook's platform, Fintech Finance News reported Tuesday (July 18).

Nook CEO and Co-Founder Joe Lines confirmed the report in a phone call with PYMNTS.

“The seamless integration with Currencycloud has strengthened our value proposition as an end-to-end accounts payable solution, and has helped us to expand our addressable market to include businesses that need to pay suppliers in multiple currencies,” Lines said in the report.

Lines added that Nook expects that enabling customers to pay invoices in these currencies to more than 100 countries will lead to an uptake in new customers and an increase in the volume of payments being made through the platform, according to the report.

Currencycloud Chief Revenue Officer Nick Cheetham said in the report that helping firms like Nook access international payments “has always been part of our identity.”

“Nook’s all-in-one solution to streamline accounts payable for SMEs is a perfect example of how new companies continue to thrive in the payments business through innovation,” Cheetham said in the report. “We are eager to see how the platform can expand its customer base and further disrupt the market by integrating our seamless cross-border payment capabilities.”

Nook was founded in 2021 and aims to streamline how businesses trade together. Its AP platform syncs with accounting software and enables payments from customers' bank accounts, allowing for simple account reconciliation.

Safeguarding B2B payments was the crux of the creation of Nook, but addressing some of the biggest points of friction that expose businesses to fraud risks can also have more broad-reaching impacts that strengthen the buyer-supplier relationship, Lines told PYMNTS in an interview posted in July 2021.

For example, streamlining know-your-business (KYB) checks and bank account authentications can accelerate supplier payment times, Lines said at the time.

“Business is about collaborating,” Lines said. “The health of the small business is hugely linked to the strength of its relationship between buyers and suppliers.”

The post Nook and Currencycloud Join Forces to Enable Multi-Currency Payments first appeared on PYMNTS.com.