HUBUC partners with Cambrist to enhance cross-border capabilities
22 April 2021 - Cambrist, the FX data management platform for card payments, has been selected by embedded financial services provider, HUBUC, to enhance compliance capabilities with EU Cross-border payments regulations (EU2019/518).
HUBUC, a next generation banking-as-a-service platform, will leverage Cambrist’s Notify API service to deliver its business clients with increased transparency on currency conversion costs. The partnership is a crucial offering for HUBUC’s clients as demand for cross border payments continues to grow, with the value of cross border payments expected to reach US$156t in 2022*.
Cambrist’s Notify API delivers a flexible and cost-effective solution for Issuers and Processors seeking to comply with all stages of the Cross-Border Payment Regulation (CBPR2) (EU2019/518) regulations. It centrally aggregates card scheme and ECB foreign currency rates, provides automated cost comparison to ECB currency rates, identifies CBPR2 relevant transactions, issues the required electronic message to cardholders and provides the reporting and analysis to demonstrate compliance to the authorities. Notify can be accessed via API or alternative methods as required by clients.
HUBUC enables companies to incorporate a range of financial services into their offering - from onboarding and payments to FX and card issuance. It also simplifies the process with just one API, one contract, and no regulatory requirements, meaning companies do not have to sign up to multiple different contracts and multiple APIs. Regulatory compliance is all managed by HUBUC, making it risk free for the client while enabling them to bring their offering online much faster than if they were to build capabilities inhouse.
Ignacio Javierre, COO and co-founder, HUBUC commented: “We’re delighted to be partnering with Cambrist to support our EU Cross-Border offering for clients. A likeminded company, Cambrist offers innovative solutions that we can seamlessly integrate into our offering - that will ultimately benefit our business clients.
“As demand for embedded finance grows, we want to be able to offer clients the full range of services - including FX across the EU. Our offering enables companies to capitalise on the benefits of embedded finance, such as additional revenue streams and faster access to market, without the risk and investment of building and managing capabilities from scratch.”
Stuart Green, Cambrist’s Chief Revenue Offer said: “It’s great to be partnering with HUBUC, a leading provider of embedded finance solutions. With Cambrist’s Notify API, HUBUC has a simple and flexible compliance solution for the EU Cross-Border Payments regulations. Our aim is to help innovative Fintechs and established Issuers to efficiently manage the FX component of their card programmes to ensure compliance and lower their costs.”
About HUBUC
HUBUC is an embedded financial services provider that allows businesses to access all services through one platform, with the ability to go live within weeks. HUBUC enables clients to embed the financial services they need to grow their business, including card issuance, five-minute bank account opening and KYC processes in 54 countries, IBAN / VAN issuance, money transfer, FX services, dynamic spending controls and real-time notifications. HUBUC also manages full regulatory compliance and on-boarding complexities on behalf of its business partners. It can onboard customers within days - significantly reducing additional time and cost investments required and enabling them to bring payment capabilities to market faster.
For more information see https://www.hubuc.com/ or follow us on social LinkedIn, Twitter and YouTube.
HUBUC is working with card issuer, Transact Payments Limited (TPL), to provide physical cards to its business clients. To learn more please contact press@hubuc.com
About Cambrist
Cambrist is an award-winning technology company enabling payment card issuers & processors to better manage the foreign exchange requirements of their card programmes. Our proprietary SaaS platform and advanced data analytics, combined with our team of industry veterans & experts, supports customers around the globe. Learn more about Cambrist at www.cambrist.com or contact us at info@cambrist.com
