Global Multi-Currency Banking Partners for MSBs

Source: OpenAI ChatGPT Deep Research

Target Audience: FINTRAC-registered Canadian MSBs

UK & Europe

Currencycloud (London, UK - FCA EMI License)

Attribute	Details
Full Name	The Currency Cloud Limited
HQ	London, UK
Regulatory Status	FCA EMI License, FinCEN-registered (US)
Ownership	Acquired by Visa (2021)
Supported Currencies	36 currencies, payments to 180+ countries
Account Types	Virtual multi-currency IBAN accounts
Payment Rails	SEPA, SWIFT
Services	Named client accounts (unique IBANs), real-time FX conversion, BaaS platform
Pricing	Wholesale FX + small margin, usage-based fees, no hefty upfront fee
Onboarding	Fast digital onboarding, API integration parallel with compliance, days to weeks
MSB Acceptance	Actively welcomes MSBs - core business model
API	API-first platform, full developer sandbox, REST APIs
Contact	currencycloud.com, 12 Steward Street, London E1 6FQ, UK, +44 20 3326 8173

Ebury (London, UK - FCA EMI & FINTRAC MSB)

Attribute	Details
Full Name	Ebury Partners UK Ltd
Founded	2009
Regulatory Status	FCA Authorized EMI (FRN 900797), FINTRAC registered (Canada)
Backing	Santander Bank (major stake)
Supported Currencies	130+ currencies for FX and payments
Corridors	Europe-to-Asia, Europe-to-Africa, emerging markets
Services	Multi-currency collection accounts, international payments (SWIFT, SEPA, ACH), spot/forward FX, trade finance, FX risk management
Pricing	No setup or monthly fees, "bank-beating exchange rates", FX spreads 0.1-0.6% for major currencies
Onboarding	Rigorous compliance, 1-2 weeks typical, faster than banks
MSB Acceptance	Yes with conditions - works with licensed MSBs, allows programme managers/resellers
API	Available for automated payments and reporting
Contact	ebury.com, 100 Victoria Street, London, SW1E 5JL, UK

Banking Circle (Luxembourg/London - Bank License)

Attribute	Details
Full Name	Banking Circle S.A.
HQ	Luxembourg (offices in London, Copenhagen)
Regulatory Status	Luxembourg-chartered bank, EU/UK authorized
Supported Currencies	24 currencies for multi-currency accounts
Coverage	25+ countries via correspondent network
Services	Virtual IBAN accounts, SWIFT, local clearing (SEPA Instant, UK Faster Payments, CHAPS), FX conversion, SEPA RT1/Target2 connectivity
Pricing	B2B institutional pricing - monthly account fee + per-transaction, tight FX spreads
Onboarding	Extensive due diligence, weeks to months, thorough KYB/AML
MSB Acceptance	Yes - focus on PSPs/fintech, welcomes properly licensed MSBs
API	Comprehensive API for account management, payments, FX, reporting
Contact	bankingcircle.com

Clear Junction (London, UK - FCA EMI)

Attribute	Details
Full Name	Clear Junction Ltd
Founded	2016
Regulatory Status	FCA EMI, FINTRAC-registered Canadian MSB subsidiary, FCA cryptoasset business
Supported Currencies	11 major currencies for SWIFT clearing (USD, EUR, GBP, AUD, CAD, CHF, PLN, etc.)
Coverage	100+ countries
Corridors	Asia-Europe, CIS, Middle East, Africa
Services	Virtual IBAN accounts, global payments (SWIFT, SEPA, FPS/BACS), FX conversion, stablecoin/crypto payout capabilities
Pricing	Setup/monthly fees for infrastructure + per-transaction fees, FX spreads 0.1-0.5%
Onboarding	Moderate-to-fast for qualified MSBs, few weeks
MSB Acceptance	Highly welcoming to MSBs - explicitly targets remittance companies and fintechs
API	Single API integration for payments, balances, virtual accounts, bulk payments
Contact	clearjunction.com, partnerships@clearjunction.com

Moneycorp (London, UK - FCA Authorized PI)

Attribute	Details
Full Name	TTT Moneycorp Ltd
Founded	1979
Regulatory Status	FCA Authorized Payment Institution, licensed bank in Isle of Man, FINTRAC MSB (Canada)
Supported Currencies	120+ currencies, payments to 190 countries
Services	Multi-currency business account, FX trades, forward contracts, market orders, international wires, collection accounts, hedging, batch payments
Pricing	No account maintenance fee, no opening/holding fees, competitive FX spreads
Onboarding	Few weeks for MSBs, rigorous compliance review
MSB Acceptance	Case-by-case - serves corporate/institutional clients including some MSBs
API	Partial - developer portal for institutional partners, rate fetching and trade execution
Contact	moneycorp.com, +44 (0)20 7589 3000, offices in London, Orlando, Toronto, Dublin, Dubai

Note on Wise Business (UK/EU)

Important: Wise offers multi-currency accounts (40+ currencies, local details in ~10) with excellent FX rates. However, Wise generally does NOT accept MSBs or money transmitters per their acceptable use policy. They target standard businesses and individuals. MSBs should look to other providers.

North America (U.S. & Canada)

Corpay (Fleetcor) - formerly Cambridge Global Payments

Attribute	Details
Full Name	Corpay Cross-Border (division of Fleetcor Technologies, Inc.)
Includes	Cambridge Global Payments, AFEX
Regulatory Status	FINTRAC MSB (Canada), multiple US State Money Transmitter Licenses
Parent	Publicly traded company
Supported Currencies	25+ currencies for holding, 100+ for payments, 170+ countries
Services	Multi-Currency Named Accounts (USD, CAD, GBP, EUR, AUD, HKD), spot/forward FX, bulk payments, white-label solutions, SWIFT + local ACH/SEPA
Pricing	No upfront cost, FX spreads 0.2-0.5% depending on volume, $0-$10 transaction fees
Onboarding	Full KYB and credit review, few weeks, expedited options available
MSB Acceptance	Yes with enthusiasm - has Financial Institutions segment, white-label platform for MSBs
API	Yes - API suite for accounts receivable/payable, automate invoices, payments
Contact	corpay.com, offices in Toronto (HQ), New York, Montreal, London, Sydney

Convera - formerly Western Union Business Solutions

Attribute	Details
Full Name	Convera USA, LLC / Convera Canada, ULC / Convera UK Ltd
Created	2022 (acquired WU Business Solutions)
Regulatory Status	US licensed Money Transmitter, FINTRAC MSB (Canada), FCA Payments Institution (UK)
Ownership	Goldfinch and Baupost
Supported Currencies	60+ currencies for holding, 180+ countries for payments
Services	Multi-currency holding accounts (up to 180 days), international payments, hedging (forwards, options), API partnership program
Pricing	No account fees, FX spreads competitive, payment fees $10-$20 for some destinations
Onboarding	Thorough vetting, 2-6 weeks, dedicated implementation managers
MSB Acceptance	Generally positive - targets financial institutions and fintechs
API	Yes - developer portal for partner integration
Contact	convera.com, regional offices in DC, Toronto, London

StoneX Global Payments (New York, US & London, UK)

Attribute	Details
Full Name	StoneX (formerly INTL FCStone) - Global Payments Division
Parent	StoneX Group Inc. (publicly listed, Fortune 100)
Regulatory Status	CFTC, FinCEN MSB (US), FCA (UK)
Supported Currencies	140+ currencies, 180+ countries
Specialty	Emerging market currencies (Africa, Asia, Latin America)
Services	Cross-border payment execution, FX liquidity, online platform, white-label payments portal, SWIFT GPI tracking
Pricing	Institutional pricing - wholesale FX rates, especially sharp on exotic currencies, 1% spread on exotic (includes all costs), 0.1-0.2% on majors
Onboarding	Rigorous B2B due diligence, weeks to months
MSB Acceptance	Actively serves MSBs - especially larger ones with exotic corridor needs
API	Robust - GPConnect API, white-label Brand-Ready Payments platform
Contact	stonex.com (Payments section), offices in New York, London, Singapore

Middle East & GCC

Rapyd (Global, HQ Israel/UK, strong GCC presence)

Attribute	Details
Full Name	Rapyd Financial Network
HQ	Israel (offices in Dubai, London, Singapore)
Regulatory Status	UK EMI, Singapore payments license, ADGM Fintech participant (UAE), acquired Valitor (Iceland bank)
Supported Currencies	100+ currencies, payouts to 190+ countries
Methods	Local banks, ACH networks, e-wallets, cards, cash pickup
Services	Virtual accounts/IBANs, currency conversion, full payout suite (bank, wallet, cash), card issuing, wallet services
Pricing	Modular per transaction, e.g. flat fee + percentage, FX margin 0.5-1%
Onboarding	Fast integration (days), strict compliance review, 2-4 weeks total
MSB Acceptance	Yes - built for fintech use cases - powers remittance apps, neobanks
API	API-first platform, excellent documentation, sandbox, SDKs
Contact	rapyd.net, Dubai office for Middle East

Wio Bank (Abu Dhabi, UAE - Digital Bank)

Attribute	Details
Full Name	Wio Bank PJSC
Launched	2022
Backing	Abu Dhabi's ADQ, Etisalat
Regulatory Status	Central Bank of UAE licensed bank, ADGM partnership
Supported Currencies	6 major currencies (AED, USD, GBP, EUR, CAD, AUD, CHF)
Services	Multi-currency holding accounts, local IBANs (AED), free local & international transfers, SWIFT for 100+ countries, debit cards, invoicing/payroll
Pricing	No account opening fee, no monthly fee, free local transfers, free SWIFT transfers, "guaranteed FX rate" for AED-USD
Onboarding	5 days or less - digital KYC, fast-tracks ADGM entities
MSB Acceptance	Possibly yes under ADGM oversight - more open than traditional UAE banks
API	Limited but evolving - open banking APIs in development
Contact	wio.io, Abu Dhabi offices

Local GCC Banks & Networks

Provider	Notes
Mashreq NeoBiz	Digital platform, may accept MSBs with local pressure, high fees
RAKBANK	Has worked with exchange houses historically, selective
ADIB	Similar to above, extensive due diligence
BUNA	Arab Regional Payments Network - banks only, enables real-time regional payments

Regional Consideration: Traditional UAE banks remain cautious with MSBs. Fintech-friendly jurisdictions like ADGM and Bahrain are creating frameworks for MSB banking. MSBs should consider establishing in those hubs.

Africa

Crown Agents Bank (CAB) - CAB Payments plc

Attribute	Details
Full Name	Crown Agents Bank Ltd
Founded	1833 (reformed)
HQ	London, UK
Regulatory Status	PRA/FCA authorized bank (UK)
Listing	CAB Payments plc listed on London Stock Exchange (2023)
Supported Currencies	120+ currencies (specializes in frontier/local currencies)
Corridors	Africa, Asia, Caribbean, Pacific - NGN, GHS, KES, ZAR, XAF, XOF, etc.
Services	Correspondent Banking, FX liquidity for exotic markets, foreign currency accounts, local delivery via clearing, hedging (forwards, options), EMpowerFX platform
Pricing	Higher spreads on exotic (1-3%), but often only option, minimal on majors
Onboarding	Detailed due diligence, 1-2+ months
MSB Acceptance	Yes - one of core client types - serves MTOs, fintechs, central banks
API	EMpower platform + API access for rate quotes and payment execution
Contact	crownagentsbank.com

Thunes (Singapore - Global Payments Network)

Attribute	Details
Full Name	Thunes
HQ	Singapore (offices in London, Nairobi)
Type	Payment infrastructure provider (not a bank)
Network	130+ countries, 85+ currencies, 550+ payment partners
Specialty	Africa and Asia - mobile money, banks, cash-out agents
Services	Global Mass Payouts via API - bank accounts, mobile wallets, cash pickup, stablecoins
Pricing	Per transaction, varies by corridor, e.g. $1 + 1% for mobile wallet
Onboarding	Requires licensed MSB, 1-2 months including integration
MSB Acceptance	Built for MSBs and fintechs - core client segment
API	Modern API with sandbox, real-time tracking
Contact	thunes.com

MFS Africa (Johannesburg, SA - Pan-African Fintech Hub)

Attribute	Details
Network	Largest digital payments network in Africa - 400 million mobile wallets
Acquisitions	UK EMI (Lunar Way), US MSB license
Services	Cross-network transfers between mobile money systems and banks
MSB Acceptance	MSB-friendly - model built around interconnecting licensed financial services
API	Available for partners

Asia-Pacific

NIUM (Singapore - Global B2B Payments Platform)

Attribute	Details
Full Name	Nium Pte. Ltd. (formerly InstaReM)
HQ	Singapore
Regulatory Status	MAS Major Payment Institution, UK/EU EMI licenses, US partnerships
Supported Currencies	100+ currencies, 190+ countries (~100 real-time corridors)
Collection	30+ markets with local accounts
Corridors	Strong in Southeast Asia, Europe, UK, India, Australia, US, Latin America
Services	Multi-currency accounts, FX conversion, global payouts (bank, card, wallet), card issuing, compliance stack
Pricing	Competitive tiered pricing, ~$2 per payout or small percentage, FX near mid-market
Onboarding	Few weeks to couple months, thorough compliance
MSB Acceptance	Explicitly yes - MSBs are key segment - "expand operations seamlessly"
API	Excellent - API-first, comprehensive documentation, sandbox
Contact	nium.com, offices in Singapore (HQ), London, Dubai, Mumbai, San Francisco

Airwallex (Melbourne, AU & Hong Kong - Fintech Unicorn)

Attribute	Details
Full Name	Airwallex
HQ	Australia
Regulatory Status	Australian Financial Services License, UK EMI, various global licenses
Supported Currencies	60+ currencies, payments to 150+ countries
Holding	~11 major currencies (USD, AUD, HKD, GBP, EUR, SGD, etc.)
Local Rails	90% of transactions via local networks (not SWIFT)
Services	Global Accounts (local bank details in USD, EUR, GBP, AUD, HKD, JPY), multi-currency wallet (20+ currencies), real-time FX, merchant acquiring, card issuing
Pricing	No monthly/signup fees, FX interbank + 0.3-0.6% markup, free local transfers
Onboarding	Days for standard, 1-2 weeks for MSBs
MSB Acceptance	Likely yes (case-by-case) - serves fintechs, enhanced due diligence for MSBs
API	Top-notch - wide range of APIs for accounts, payments, FX, Connected Accounts
Contact	airwallex.com, offices in Australia, UK, US, Hong Kong, Singapore

Additional Asia-Pacific Options

Provider	Notes
Wallex (Singapore/Indonesia)	~40 currencies, licensed in Singapore/Indonesia, caters to SMEs/fintechs
Tranglo (Malaysia)	Cross-border payment hub, strong SE Asia/Middle East, partially owned by Ripple, MSB-friendly

Latin America

Inswitch (Miami, US & Montevideo, Uruguay - Embedded Finance for LatAm)

Attribute	Details
Full Name	Inswitch Inc.
HQ	Miami (global ops), Montevideo (origin)
Regulatory Status	MSB licenses in all 50 U.S. states
Network	30+ countries, 160+ partner banks
Corridors	US to Latin America (Mexico $65B remittances), Central America, South America
Services	White-Label Cross-Border Payments Platform - licensed processing, multi-currency digital wallets, multiple funding/payout methods (ACH, cards, wallets, cash), compliance/RegTech, prepaid card issuing
Pricing	Value-added pricing - transaction fees, FX margins, possible setup fees, "competitive remittance fees"
Onboarding	Comprehensive but accelerated - weeks rather than months, expert-led
MSB Acceptance	Purpose-built for MSBs - explicitly targets MTOs, remittance operators, fintechs
API	API-centric modular platform, white-label app components
Contact	inswitch.com

Other LatAm Options

Provider	Notes
EBANX (Brazil)	Focus on e-commerce, extensive Brazil network, may partner for high volumes
dLocal (Uruguay)	PSP aggregator, local-to-local transfers in emerging markets, targets merchants
Tranglo	Covers Brazil via Thunes network
Local Banks	Banco Rendimento, Banco Topazio (Brazil), BBVA, Banorte (Mexico) - may require local subsidiary

Comparative Analysis & Rankings

1. MSB Acceptance and Support

Tier	Providers
Most MSB-Friendly	Currencycloud, Clear Junction, NIUM, Thunes, Inswitch
Moderate Support	Ebury, Banking Circle, StoneX, Rapyd, Airwallex
Tolerant (Case-by-Case)	Moneycorp, Corpay (Cambridge), Crown Agents Bank, Wallex
Least MSB-Friendly	Traditional big banks, consumer fintechs (Wise, Revolut)

2. Corridor Breadth and Currencies

Tier	Providers	Coverage
Widest Global Reach	StoneX, Moneycorp, NIUM, Thunes	140+ currencies, 180-190 countries
Strong Multi-Continent	Currencycloud, Corpay, Airwallex, Rapyd, Crown Agents Bank	60-130+ currencies, 150-190 countries
Regional Specialists	Inswitch (LatAm), Wio (GCC), Wallex (Asia), EBANX/dLocal (LatAm)	Deep regional coverage

3. Pricing Competitiveness

Tier	Providers
Lowest FX Spreads/Fees	(Wise - not available to MSBs), Airwallex, OFX, Currencycloud (wholesale)
Competitive Institutional	StoneX, Corpay, NIUM, Ebury, Clear Junction
Moderate/Variable	Banks, Regional fintechs, White-label providers

4. Speed to Onboard and Launch

Tier	Providers	Timeline
Fastest	Wio Bank, Airwallex, Rapyd	Days to 2 weeks
Moderate	Currencycloud, NIUM, Corpay, Clear Junction	2-6 weeks
Longer	Banking Circle, Crown Agents Bank, Traditional Banks	1-3+ months

5. API and Technical Capability

Tier	Providers
Most Advanced APIs	NIUM, Airwallex, Rapyd, Currencycloud
Strong API/Integration	Thunes, Clear Junction, Banking Circle
Mixed or Lacking	Corpay (Cambridge), Ebury, Moneycorp, Inswitch
Notable Absence	Traditional banks

6. Reputation and Stability

Tier	Providers
Highest Stability	StoneX, Crown Agents Bank, Corpay (Fleetcor), Ebury (Santander-backed)
Highly Reputed Fintechs	Wise, Airwallex, NIUM, Thunes, Currencycloud (Visa)
Mid-Tier Reputation	Clear Junction, Banking Circle, Inswitch, Rapyd

Recommended Strategy by Region

UK/Europe

Primary: Currencycloud or NIUM (API-driven, MSB-friendly)

Supplemental: Clear Junction or Banking Circle (local schemes, difficult corridors)

FX Liquidity: Ebury or Moneycorp

North America

Primary: Corpay (Cambridge) for USD/CAD flows, 25-currency named accounts

Exotic: StoneX for emerging market payouts

Local: AscendantFX or MTFX for Canadian needs

Middle East

Local: Wio Bank for UAE dirham account and major currency holdings

Global: Rapyd or NIUM for MENA and Asia reach

Africa

Bank Transfers: Crown Agents Bank for African currency liquidity

Last Mile: Thunes for mobile money and cash payouts

Asia-Pacific

Primary: NIUM (all-around capability) + Airwallex (cost-effective multi-currency)

Specific: Tranglo for SE Asian remittances, Wallex for Indonesia/SE Asia

Latin America

Turnkey: Inswitch for compliant LatAm coverage

Supplemental: dLocal or Thunes for specific local payment methods

Key Takeaways

By mixing these providers, an MSB can optimize:

MSB acceptance: All chosen are MSB-friendly

Corridor breadth: Combined coverage spans the globe with redundancy

Pricing: Use lowest-cost route for each corridor

Onboarding speed: Parallel onboarding across regions

Tech: All key partners have strong APIs for unified workflow

Stability: Mix of established players and agile fintechs hedges risk

Each provider serves a specific role in the MSB's "payment stack" - the MSB orchestrates them for seamless service delivery.

*Research compiled from official provider data and announcements*