The Currency Club is on a mission to bring down the cost of foreign exchange and deliver ground breaking technology in the currency and international payments space for both private clients and corporates.
Central to The Currency Club’s success has been its ability to seek new innovative technology. In 2020, The Currency Club became the first company in the UK to offer their customers access to live interbank exchange rates before checkout.
“Our mission is to create a slick, seamless and secure platform whilst providing transparent and lower cost fees for our customers."
CEO and Cofounder of The Currency Club - Sam Thakkar
The challenge
The Currency Club’s attention to detail at every step of the customer journey allowed them to recognise the friction that accepting payments was creating for their users.
Providing lower costs and transparent fees is the foundation of The Currency Clubs offering. However, faced with increasing card payment fees, and complex card scheme structures such as 3D secure and SCA, offering transparent and clear costs to their end user was becoming an obstacle.
“We want to drive down the cost of FX for everyone.”
The other challenge that The Currency Club faced when collecting payments were those associated with traditional bank transfers. Although a highly robust payment method, the process is far from the slick and seamless standards they require.
“The problem with manual bank transfer is that customers are breaking the funnel, which directly impacts conversion rates. We wanted to make sure customers can make larger transactions in a highly secure and seamless way .”
How Vyne powers fast, seamless and secure payments for The Currency Club
The Currency Club needed a solution that would support them to drive down the cost of FX and enhance the checkout experience, to fix the broken customer journey caused by manual bank transfer.
Vyne enables The Currency Club to do exactly that. By cutting out the middle men involved in accepting card payments, Vyne was able to offer a much more cost effective way of accepting payments, whilst also delivering a simple pricing structure, helping The Currency Club deliver transparent pricing to their customers.
Using Vyne, The Currency Club can offer their customers a seamless way for customers to make large payments in three simple steps. Customers stay on The Currency Club checkout, meaning there’s less risk of fallout. Finally, because the payment is initiated and managed by Vyne with a direct connection to the bank, customers can make payments with the assurance that it is a highly secure payment method with no risk of payments being misdirected.
The results
While Open Banking payments is still in its infancy, The Currency Club has seen significant uptake of the payment method with more than 1 in 3 customers choosing Vyne’s Pay with bank option at checkout.
“Account-to-account payments powered by Vyne have enabled us to deliver and enhance on The Currency Clubs offering. We now offer the most innovative and groundbreaking approach to payments, ensuring we offer our customers a slick, secure and seamless payment experience.
We have now opened this channel of payment to our members database which consists of several hundred thousand customers throughout the United Kingdom”
CEO and Cofounder of The Currency Club - Sam Thakkar
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