Thursday, August 12, 2021

Comparing Payment Orchestration Platforms: ZED VS Currency Cloud

Money transfer services are now one of the most in-demand parts of every business. The increase in demand for international money transfer needs being pivotal for trade and commerce as the online community is a global community. As the need for complete payment solutions become necessary to function in the modern world. There’s significant demand for customized payment orchestration platforms that meet the businesses’ demands and fulfill their needs. Because of this demand, there are plenty of payment orchestration platform providers popping up, providing different types of services. 

However, not all payment orchestration platform service providers will be able to meet your needs. So finding one that fits your needs is a must. Odds are the reason you are reading this is that you are on the hunt for the correct payment orchestration solution yourself. Well, you’ve come to the right place. Zed Network is a payment orchestration platform provider that works with FX traders & businesses, businesses that work in the cryptocurrency niche, and many other companies. 

So we thought we would give you a simple comparison between a popular payment orchestration platform in Currency Cloud vs. Zed Network to show you our complete prowess over the domain. But before we dive into the comparison. Let’s talk about what a payment orchestration platform is and the two companies up for discussion!

What Is Payment Orchestration?

So in simple terms, payment orchestration is how payments are collected through and where they settle. It also entails specifically who processes the payments. Let us break it down a bit more. So payment orchestration platforms are middleware payment facilitators that connect into one or more payment service providers (PSPs), acquirers, and banks. These software solutions are universally optimized for checkout, fraud software, intelligent payment routing, cross border payments. 

In other words, payment orchestration platforms are all about finding the best way to route a payment from checkout through to bank settlement and increasing payment conversions. It is vital for businesses as a seamless money transferring platform usually results in increased revenue, which means more money. Now that you know what the payment orchestration platform does, let’s talk about the two companies that provide this service. 

Currency Cloud

Currency Cloud is a payment orchestration platform provider that delivers multi-currency account infrastructure to businesses that want to execute and expand their offering. It provides quick access to virtual accounts that allows people to collect, convert, pay and manage multiple currencies simultaneously worldwide. Their policies are in line with the US, UK & EU regulations, making it a safe and secure option for businesses that transact globally. 

They offer in-depth support and ensure regulatory compliance for businesses. Currency Cloud was launched back in 2012, with the London office being their headquarters with additional offices in New York, Cardiff, & Amsterdam. Since its launch, the company has processed more than 65 billion dollars in over 180 different countries while working with some of the most prominent names in banking and Fintech. They’ve worked with several other high-end companies like Starling Bank, Penta, and Lunar while partnering up with the likes of Visa, Dwolla, Mambu, and Carta to build simple, clear financial infrastructure solutions.

Zed Network

Zed Network is a relatively new startup stemming from the minds that worked on ZipZap, a P2P remittance company that aimed to eliminate the exorbitant cross-border remittance costs. According to Zed Founder and entrepreneur Alan Safahi. the ZipZap team saw that helping the Money Transfer Operators (MTOs) with building efficient platforms will significantly impact. Within the first year of operation, the team realized the major problem plaguing MTOs and other companies is banking, cash flow, and technology issues.

The problem for many MTOs, FOREX & Cryptocurrency trading platforms, Fintechs, Legaltechs, and corporations is scaling up seamlessly and integrating dozens of corridors for sending and receiving payments. Simply partnering up with a payout partner takes around 6-12 months, and then the technology for integrating comes, which can take up additional months. So ZED Network partnered up with AEFX to create an API solution that allows merchants to connect to the same vast global payment network of large MTOs and trading platforms with much better rates. 

ZED focuses on domestic and cross-border payment acceptance (collections) and payouts (disbursements) with solutions that help clients avoid directly integrating with multiple payment processors, managing various platforms, and ingesting non-standardized reporting files. The purpose of this payment orchestration platform provider is to help FX trading platforms, Fintech & Legal Tech companies, MTOs, and multinational corporations have a seamless payment platform so that all their transactions go through seamlessly regardless of a border. The company mission is simple. It is to liberate foreign exchange transactions, removing the opacity, hidden fees, and complexity that has traditionally plagued them, and significantly improve cross border payments to minimize costs and make them simple, user friendly, and transparent.

ZED Network Vs Currency Cloud:

So now that you know the companies involved, we will now get into the main reason for today’s discussion and see how the two payment orchestration platform providers stack up to one another. You will find a table with metrics and features vital for all companies that work in the following. The values will be listed for both in their respective columns. We have divided the criteria into six different segments. They are:

  • Coverage
  • Payment Options
  • Licenses / Compliance
  • Technology
  • Cost
  • Other Aspects

So now that you know what criteria for the comparison will be, we can start looking into the tables themselves to see how both companies fare. Without delaying any further, check out the following tables:

Coverage

According to Safahi, for a payment orchestration platform provider, international coverage is vital. Things like available currencies, countries for acceptance and payout, liquidity or inventory, and settlement time are crucial metrics to check out when choosing a payment orchestration platform provider. 

Make The Right Choice

So there you go, that’s all there is to the Zed Network vs. Currency Cloud comparison. We covered every criterion you needed to know to decide which one is the best option for you. Remember, your business needs an experienced payment orchestration platform provider with versatile options. So choose wisely. If you want to know more about Zed Network, then feel free to contact us. 

Or if you have any other questions regarding payment orchestration, then leave them in the comments below or hit us up on our socials. We love hearing from you, so do hit us up. So with that being said, that’s about all we have for you today. We will come back with another payment orchestration platform provider comparison soon. If you want us to cover something else, please drop your suggestions in the comment section. Until next time, see ya!

Originally Posted: https://zed.network/comparing-between-zed-and-currency-cloud-payment-orchestration-platforms/

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