Portuguese financial group Crédito Agrícola has joined forces with UK-based fintech firm Ebury to enhance global transaction banking for corporates and small and medium-sized enterprises (SMEs).
The partnership will enable Crédito Agrícola’s corporate clients to perform foreign currency exchange and cross border transactions completely online.
The collaboration forms a part of Crédito Agrícola’s growth and evolution strategy, which intends to provide improved digital services to corporate customers.
Crédito Agrícola Group president Licínio Pina said: “This partnership is in line with CA Group’s innovation strategy, offering its customers a service that helps businesses mitigate risks arising from international trade.”
The solution will enable the Portuguese bank’s corporate clients to carry out foreign currency exchange and cross border transactions on digital platforms entirely.
The partnership will allow Crédito Agrícola’s clients who access Ebury’s services to trade in more than 130 currencies globally
The partnership is also expected to allow CA group’s clients who access Ebury’s services to trade in over 130 currencies at more competitive rates.
The solution is intended for companies that carry out, or have the potential to carry out, international business operations relating to the import and export of goods.
Ebury Portugal country manager Duarte Líbano Monteiro said: “Ebury is delighted to be part of this pioneering partnership with a bank that is treading the path of innovation.
“It is the first time that a Portuguese bank has partnered with a fintech to provide this service to companies, streamlining their international transactions and allowing them to consolidate their internationalisation.”
In November 2019, Spanish bank Banco Santander has agreed to acquire a 50.1% stake in Ebury for £350m ($451m).
Based in London, Ebury operates a worldwide distribution platform supported by a data-driven business model.
With headquarters in London, the company has 25 offices in 21 countries, across four continents, with over 1,000 employees.
Its customer base includes SMEs, mid-corporates, banking partners and non-banking financial institution partners.