Global payments made easy with an efficient and secure cloud-based payments platform

Client background

Currencycloud is a global B2B platform delivering cross-border payments as a Service. It allows businesses to manage their funds flow through the multi-currency wallet functionality and send funds across borders in different currencies.

Currencycloud offers API blocks to build customized payment solutions. Today, it has 85 different APIs across four modules – collect, convert, pay, and manage – that cover the entire workflow in B2B cross-border payments. Its clients have an option to embed Currencycloud payments infrastructure into their products or services.

Business challenge

When Currencycloud first contacted N-iX, they needed to accelerate the development of their white-label Currencycloud Direct application. As scaling teams in London is time-consuming and expensive, expanding the in-house team with a nearshore partner was an attractive option. Therefore, our team started development of Currencycloud products, and over the years N-iX became its strategic partner.

Value delivered by N-iX

  • Contribution to the development of core products; on-time delivery of products and new features;
  • Faster development process and time-to-market thanks to the new automation testing framework.
  • Improved scalability and faster development cycles thanks to the microservice-based approach to architecture design.
  • Payment optimization for different regions and the automation of the compliance check system.

Location
United Kingdom, London
Industry
Fintech
Partnership period
January 2013 - present
Team size
24
Team location
Ukraine, Lviv
Technologies
jRuby, MRI Ruby, RabbitMQ, Amazon EC2, ASWS S3, MySQL (Amazon Aurora), Sinatra, Rails 5, ConcourseCI, Terraform, Ansible, Packer, Vue.js, Docker, ELK stack, Swagger, Grafana, statsd

Success story in detail

How we started: Boosting in-house R&D capabilities

Our long-term partnership with Currencycloud started in 2013 with a team of four developers. At that time, Currencycloud was an emerging player in the UK fintech arena. Having a basic product and money raised through funding rounds, the company needed to accelerate the development of their white-label Currencycloud Direct application for the Finovate conference. As scaling teams in London is time-consuming and expensive, expanding the in-house team with a nearshore partner was an attractive option. Therefore, our team started development of the Currencycloud products.

Since then, our growing team has become a vital contributor to Currencycloud Direct and Connect API 2.0. Currencycloud Direct is a client-facing responsive web app that allows the platform users to leverage the capabilities of Payment Engine without requiring integration with the API while providing access to major Currencycloud services. Connect API 2.0 is a fast and secure set of tools that allows the customers to customize their workflows and automate their entire international payment processes.

Expanding cooperation: Quality assurance optimization

    A year later, our responsibilities were expanded to manual testing and working on a new automation testing framework, which we initiated to make the process more efficient and scalable. Our specialists were also involved in the automation of KYC and automated monitoring of inflows/outflows and the compliance check system. In 2015, N-iX specialists became involved in the payment processing stream and development and maintenance of Cash Manager, a client-facing virtual wallet.

Gaining trust: From a small team extension to a strategic partnership

Since 2018, N-iX specialists have been engaged in transitioning to microservices and migration of all the services to the fully-managed Kubernetes cluster. While the deployment of these microservices is on the client’s side, we are responsible for their development.

Currently, N-iX accounts for a third of the client’s total R&D capabilities, and we are involved in the development and maintenance of the majority of Currencycloud’s products, including Currencycloud Direct, Collections (support & audit of all funds flows), and Cash Manager.

Value delivered: Innovations, scalability, and fast time-to-market

  • Contribution to the development of core products; on-time delivery of products and new features.
  • Accelerated development of Currencycloud Direct for the Finovate conference; scaling up the team fast.
  • Faster development process and time-to-market thanks to the new automation testing framework.
  • Improved scalability and faster development cycles thanks to the microservice-based approach to architecture design.
  • Payment optimization for different regions and the automation of the compliance check system.
  • Integrations with over 10 third-parties that allow managing more currencies, increasing the number of available payment routes, and processing bigger volumes of payments. Currencycloud is now processing around $400 million of payments every month.
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