August 2022
Highlights from our platform releases
Enhancements:
| Area | Feature | Description |
|---|---|---|
| FX | Weekend FX |
We now offer more currency pairs, see the full list here. |
| FX | Cutoffs |
We have pushed back the SWIFT CAD cutoff time to 17:00GMT. |
May 2022
Highlights from our platform releases
Enhancements:
| Area | Feature | Description |
|---|---|---|
| FX | Date change loss limit |
We expanded the date change loss limit from 1k to 5k GBP equivalent. |
April 2022
Highlights from our platform releases
Enhancements:
| Area | Feature | Description |
|---|---|---|
| Payments | Local GBP & USD Limits |
The maximum payment size limits for local GBP and USD inbound and outbound payments have been increased to:
|
| Payments | Local GBP | You can now send local GBP payments 24 hours a day, five days a week (Monday to Friday). |
| FX | Weekend FX | We are now providing weekend conversion capability, giving you the ability to get rates and create conversions on the weekend by locking in FX rates with Currencycloud. |
February 2022
Highlights from our microservices and platform releases
Enhancements:
| Area | Feature | Description |
|---|---|---|
| Conversions |
AED available to settle on Fridays. |
UAE has changed its working week to better align with global markets, their weekend now falls on a Saturday and Sunday too. As a result, AED is available until close of business UK on Fridays, in line with the other days of the week. |
| Conversions | New holiday |
We have added Foundation Day (22nd of February) as a new holiday affecting SAR. |
| Conversions | Standardised timestamps. |
All FX API endpoints now return standardised ISO 8601 timestamps. |
| UI | sub-account balances |
You can now view sub-account balances in one place. You can choose which currencies you want to see, sort the results, and download them as a CSV file. |
4th - 29th of October
Highlights from our microservices and platform releases
Enhancements:
| Area | Feature | Description |
|---|---|---|
| Payments |
Removal of downstream charges on SWIFT EUR. |
We’ve removed charges on EUR SWIFT payments sent via the ‘shared’ charge type. Find out more here. |
| Currencycloud Direct | Legacy field removal. |
We removed the legacy field |
23rd of August - 1st of October, 2021
Highlights from our microservices and platform releases
Enhancements:
| Area | Feature | Description |
|---|---|---|
| Collections | Inbounds funds |
We have improved the funds flow in Demo. |
| Payments | Transfers UUID | We’ve added a new optional field, unique_request_id to the find transfers endpoint making searching for transfers easier. |
| Payments | USD Payments |
The cut-off times for USD payments have been extended. |
| Payments | GBP SWIFT payments |
Account Number & Sort Code is now a supported combination for GBP SWIFT payments to IE. |
| Payments | Calculated payment arrival date |
We have added |
| Payments | CNY Purpose of Payment Codes |
Swift payments to CNY must now have a purpose code as mandatory and must be made using bic-swift. Using a bank name/address is no longer supported. |
| Conversions | APAC SPOT trades |
We have improved the speed of APAC SPOT trades. |
| UI | Inclusion of submitted payments in reports. |
We've added a |
| UI | ACH limit |
We have fixed the incoming ACH limit text in Direct - changed to $5,000,000, from $1,000,0000. |
26th of July - 20th of August, 2021
Highlights from our microservices and platform releases
Enhancements:
| Area | Feature | Description |
|---|---|---|
| Payments | GBP Sender Display |
All clients and accounts are now enabled for GBP Sender Display. |
| Currencycloud Direct | Payments Search |
Clients can now search for |
| Notifications | Notifications Upgrade |
We have improved our notifications service. |
| Currencycloud Direct | Payment Tracking |
We have released v2 of our payment tracking facility with improvements following client feedback. |
1st of June - 23rd of July, 2021
Highlights from our microservices and platform releases
Enhancements:
| Area | Feature | Description |
|---|---|---|
| Collections | CAD local accounts |
We are piloting our CAD collections solution which allows you to fund your Currencycloud wallet using local CAD accounts. See our EFT Collection Guide for more information. |
3rd - 29th of May, 2021
Highlights from our microservices and platform releases
Enhancements:
| Area | Feature | Description |
|---|---|---|
| Payments | Bahrain Purpose of Payment Codes |
From Wednesday 26th May, clients are required to supply a Purpose of Payment Code when making SWIFT payments in any currency to beneficiary bank accounts held within Bahrain. Find out more information here or visit our Purpose of Payment Codes document for a list of valid codes. |
Bug Fixes:
| Area | Bug | Description |
|---|---|---|
| Conversions | Cutoff times |
We fixed a problem relating to Daylight Saving Time that was affecting settlement date calculations |
| Notifications | Trade notifications |
The client name was being displayed incorrectly on the trade notification for some clients. |
12th - 30th of April, 2021
Highlights from our microservices and platform releases
Enhancements:
| Area | Feature | Description |
|---|---|---|
| Payments | New local payment routes | We have made four new currencies available for local payout - Czech Koruna (CZK), Croatian Kuna (HRK), Hungarian Forint (HUF), and Romanian Leu (RON). |
| Conversions | Get Conversion Dates Endpoint | We have improved the availability of our Get Conversion Dates Endpoint. |
| Currencycloud Direct | Penny Test | Clients on our EU workflow are unable to make transfers or payments until their bank account has been verified (penny test). Our clients, and their customers, can now see if this test has been passed from within Currencycloud Direct. |
| Notifications | Penny Test | Clients on our EU workflow are unable to make transfers or payments until their bank account has been verified (penny test). Our clients, and their customers, can now receive notification when the process is complete. |
22nd of March - 9th of April
Highlights from our microservices and platform releases
Enhancements:
| Area | Feature | Description |
|---|---|---|
| Customer Data and Accounts | Cancelled Trades. | We have changed the way we return deposits on cancelled trades. We’ll now send the deposit back to the Margin Account Balance instead of the Cash Manager Balance. |
| Conversions | Basic Rates endpoint performance | We have made additional performance improvements, resulting in 50x faster response times. |
| Conversions | Conversion Dates endpoint | We now allow 'on behalf of' requests for the conversion_dates endpoint. |
| Payments | Local DKK, SEK and NOK payment routes | We've integrated with a new provider to offer real-time payment routes and better cutoff timings for our local DKK, SEK and NOK routes. |
| Payments | Local PLN Route | We’ve switched to a new provider to allow you to easily make local payments to Poland. For payments to arrive the same day, you’ll need to make sure to send your payment before the cut-off time 9:30 am UK time / 4:30 am EST. |
Bug Fixes:
| Area | Bug | Description |
|---|---|---|
| Payments | Cutoff times | We identified a problem when calculating cutoff time in the scope of payment releases or failures, the cutoff time was considered to be on the date in the time zone of the cutoff time. We have addressed this by using UTC when calculating the cutoff times. |
| Conversions | Rates/Amounts rounding | We have fixed a rates/amount rounding bug that was introduced during a platform upgrade. |
15th of February – 19th of March 2021
Highlights from our microservices and platform releases
Enhancements:
| Area | Feature | Description |
|---|---|---|
| Payments | CAD and USD payment limit increases | You can now send and receive payments of larger amounts in Canadian Dollar (CAD) and US Dollar (USD) as we have increased some of our payment limits. The maximum payment size limit for local CAD payments has been increased from $20K to $100K. The maximum payment size limit for inbound USD via FEDwire and FEDACH has been increased from $1M to $5M. |
| Collections |
Automation of referencing flows
|
We've automated our referencing flows. This means that we are able to offer an alternative to VANs for clients who need BACS and CHAPS. It also reduces the operational work needed to process these credits and therefore speeds up the time it takes to log them.
|
| Collections |
ACH Routing number |
When parsing ACH files, we have been taking the originating DFI identification and using it as the routing number. We are now adding a check digit to the originating DFI identification. |
| Collections |
Removal of inaccurate routing codes. |
Some of the routing codes we have received from our banking partner for SWIFT transactions have been inaccurate. To prevent this from causing problems to our clients, we have stopped returning this information via the Sender endpoint. |
| Conversions |
Basic Rates |
We have made performance improvements to our Basic Rates endpoint which improve the average response times by 90%.
|
| Conversions |
Forwards |
We now allow Brokers who have access to forwards to book on behalf of Sub accounts that don’t have access. |
| Conversions |
Date Changes |
We have added validation to restrict date changes to forwards for accounts with access to create forward trades only. |
| Conversions |
Anomalies |
We have made improvements to our algorithm for detecting trade anomalies. |
| Conversions |
Notifications |
We have enabled customer notifications for Rate Amend. |
Bug Fixes:
| Area | Description |
|---|---|
| Conversions | UK holidays are no longer taken into account for non-GBP currency pairs. |
5th of January – 12th of February 2021
Highlights from our microservices and platform releases
Features:
| Area | Feature | Description |
|---|---|---|
| Currencycloud Direct | Rate Amend | We are now sending confirmation emails following a rate amend. |
| Currencycloud Direct | Widget options | We’ve added two new options to our ‘Get in Touch’ widget to make managing your tickets even more efficient. You can now easily request APAC trading or margin return. |
| Currencycloud Direct | Trade Confirmation | The body of Trade Confirmation emails has been updated to draw attention to the funding reference. |
| Conversions | FX Limit | New contacts created after the 1st of February now have a lower minimum FX limit of 1 GBP. This lower limit can be applied to existing contacts by raising a request via the Get in Touch widget within Currencycloud Direct. |
| Conversions | Conversion Date Preference | We have added conversion_date_preference functionality for APAC currencies in rates/detailed and conversions/create endpoints |
| Conversions | Deprecation | We have deprecated the legacy field partner_statusfrom Webhook Notifications, our Create Conversion API, and Customer Reporting. |
30th of November – 18th of December 2020
Highlights from our microservices and platform releases
Features:
| Area | Feature | Description |
| Currencycloud Direct | Improved support ticket funcitonality for brokers. | Currencycloud Direct users with Broker permissions can now:
|
2nd of November – 27th of November
Highlights from our microservices and platform releases
Features:
| Area | Feature | Description |
| Payments | Universal Confirmation | As a beneficiary FI of SWIFT payments (our SWIFT VANs) we are obligated to confirm to the SWIFT tracker when we have credited funds to a client’s account (or returned them). Sending banks using SWIFT GPI can now see when any funds they send to us have landed successfully and been credited. |
| Payments | Currency restrictions for EU client funds
|
Our European provider does not support the currencies listed below. Any funds received in these currencies for EU clients will be rejected and returned. The currencies affected are:
|
28th of September – 31st October
Highlights from our microservices and platform releases
Features:
| Area | Feature | Description |
| Collections | Sender API data structure | The format of the sender tag in the response is now structured. It takes the format: "sender":"name; address; country; account_number or iban; bic; routing_code" |
| Conversions | New conversion cut-off field | A new field,
first_conversion_cutoff_datetime
, has been added to the Get Conversion Dates API. This field provides a deadline for users to create a conversion for the fastest settlement, based on the cut-off times in our system. |
| Payments | Payment Tracking | Our latest product, Payment Tracking, gives you and your customers complete visibility and transparency over any GPI enabled payment sent via the SWIFT network. |
| Payments | New local EUR route | We are introducing a new route which will offer improved cut-off times and a faster service. In addition, we can now offer SEPA Instant Credit Transfer (SCT Inst) as well as SEPA Credit Transfer(SCT), this means that you can expect a much easier and faster service. |
14th – 25th September
Highlights from our microservices and platform releases
Features:
| Area | Feature | Description |
| Collections | SWIFT VAN allocation | All SWIFT VANs (Virtual Account Numbers) can now be automatically assigned to sub-accounts upon account creation. |
Fixes:
| Area | Description |
| Payments | We have fixed an issue we had with delayed payments in local IDR, INR, MYR and PHP. |
4th August – 11th September
Highlights from our microservices and platform releases
Features:
| Area | Feature | Description |
| Collections | API Response Field Change | We have standardised the structure of the `seder` response field for the Get Sender Details endpoint. Previously the field varied depending on how the payment was routed, this is now standardised so that it is the same for all.
field ”sender”: `{sender.name};{sender.address};{sender.country};{sender.account_number}` or `{sender.iban};{sender.bic};{sender.routing_code}`
|
| Conversions | Availability | Non GBP conversions and payments can now be booked for settlement on UK bank holidays. |
Fixes:
| Area | Description |
| Conversions | We have fixed an issue we had with Instarem weekend trading. |
17th July – 30th July
Highlights from our microservices and platform releases
Features:
| Area | Feature | Description |
| Collections | SWIFT Virtual Accounts | We are launching SWIFT Virtual accounts. These accounts provide customers with an IBAN in their own name that can collect funds in 34 currencies. |
| Collections | Funding Accounts API | The Funding Accounts API now returns all virtual account types. This means that clients no longer need to use the APIs for IBANs and VANs. |
3rd July – 16th July
Highlights from our microservices and platform releases
Features:
| Area | Feature | Description |
| Collections | Funds Matching | We have migrated CFSB to the latest version of our Funds Matching system. This means:
• When receiving local USD funds are allocated to the account automatically. |
| Payments | CAD cut off | The cut off time for local CAD has been extended to 16:00 UK time. |
| Payments | Local HKD | We are in the process of rolling out our new local HKD provider. |
4th June – 2nd July
Highlights from our microservices and platform releases
Features:
| Area | Feature | Description |
| ACH Pull | Credit Times | The T+3 limit on ACH Pull has been increased from $25k to $100k. Payments up to $100k will now credit T+3, rather than T+4. |
| Direct | Balance List Page | The Balance List page has been redesigned, making it easier to find and access currency balances as well as ensuring that the page works well across all devices. |
| Notifications | Webhook Ciphers | We have added the ciphers below to the list of ones we support for our webhooks (push notifications). This reduces the risk of notification failure.
|
| Payments | GBP Routing | Local GBP is now routed via a new partner, providing a better customer experience. |
| Payments | SGD Routing | SGD is now routed via a new partner, resulting in an improvement from T+2 to T+1. |
Fixes:
| Area | Description |
| Direct | Users on Currencycloud brand were seeing a 500 error when trying to generate an HMAC key for push notifications. They will now receive a comprehensive error message with instructions on how to proceed. |
| Direct | A number of small enhancements have been made to the Support tickets functionality in Direct, including more informative error messaging where a user doesn’t have the correct permissions to manage tickets. |
6th May – 4th June
Release Description: Microservice and Platform releases
Area: ACH Pull
Feature: Pull Limits
Description: We have increased ACH Pull limits to 100k per transaction.
Area: Payments
Feature: Local GBP Rollout
Description: Here’s what we are changing and improving
- Faster delivery: truly instant payments delivered to the beneficiary in seconds (providing clients have balance on account)
- No cutoff: make real-time payments all day
- Confirmation of receipt: completed = credited the beneficiary bank account*
- NA-friendly processing: operating from 00:00 Monday to 16:30 Friday (UK time) including UK holidays
- Automated failed payments: funds credited back to clients instantly on receipt
- Improved permitted country coverage: fewer limitations on the payer and beneficiary countries
17th April – 6th May
- 2 New Features
Release Description: Microservice and Platform releases
Area: Direct
Feature: Support Ticket Self-Service Portal
Description: You can now raise and track all your support tickets in one place, and we can handle your queries much better. Our new Support feature in Currencycloud Direct lets you raise, track and respond to support tickets raised by people across your business.
Area: FX & Currencies
Feature: Optimized Liquidity
Description: This enables certain clients to get rates for rarer currencies such as TRY, HKD outside of regular business hours. Prior to this it would take T+1, T+2 or more in order to get the rate once the request had been submitted.
27th March – 16th April
Release Highlights Summary: The breakdown of this week’s release highlights are:
- 1 Fix
- 2 New Feature(s)/Maintenance item(s)
Release Description: Platform Release
Area: Platform Release (Payments)
Feature: DC Bank Payments Engine Data Changes
Description: Delivery times have been improved from the next day to the same day and we have deposited pre-funding which means out processing times have improved by 1 day.
Area: Platform Release (Payments)
Fix: Payer Details – SGD
Description: Fix to enable the correct fields are returned for SGD payments.
Area: Collections & Receipts
Feature: Automating inbound local EUR
Description: Local EUR funds are allocated to the account automatically within seconds. Credits will be applied to clients’ balance all day, removing existing cut-off.
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27th March – 16th April
Release Highlights Summary: The breakdown of this week’s release highlights are:
- 1 Fix
- 2 New Feature(s)/Maintenance item(s)
Release Description: Platform Release
Area: Platform Release (Payments)
Feature: DC Bank Payments Engine Data Changes
Description: Delivery times have been improved from the next day to the same day and we have deposited pre-funding which means out processing times have improved by 1 day.
Area: Platform Release (Payments)
Fix: Payer Details – SGD
Description: Fix to enable the correct fields are returned for SGD payments.
Area: Collections & Receipts
Feature: Automating inbound local EUR
Description: Local EUR funds are allocated to the account automatically within seconds. Credits will be applied to clients’ balance all day, removing existing cut-off.
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27th March – 16th April
Release Highlights Summary: The breakdown of this week’s release highlights are:
- 1 Fix
- 2 New Feature(s)/Maintenance item(s)
Release Description: Platform Release
Area: Platform Release (Payments)
Feature: DC Bank Payments Engine Data Changes
Description: Delivery times have been improved from the next day to the same day and we have deposited pre-funding which means out processing times have improved by 1 day.
Area: Platform Release (Payments)
Fix: Payer Details – SGD
Description: Fix to enable the correct fields are returned for SGD payments.
Area: Collections & Receipts
Feature: Automating inbound local EUR
Description: Local EUR funds are allocated to the account automatically within seconds. Credits will be applied to clients’ balance all day, removing existing cut-off.
Feedback:
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13th – 26th March
Release Highlights Summary: The breakdown of this week’s release highlights are:
- 3 New Features
Release Description: Platform Release
Area: White label
Feature: Create and update Authy application via White Label service UI
Description: This functionality automates the creation of an Authy mobile application and SMS messages in clients’ names, for those clients with a white-labeled version of Currencycloud Direct. This ensures a seamless user experience for your clients when they use 2-factor authentication to log into Direct.
Area: Direct/CRM
Feature: Create scripts to move accounts to optional and mandatory 2FA
Description: This enables the rollout of Two-factor authentication (2FA) to all users of Currencycloud Direct. 2FA is an extra layer of security to make sure someone trying to access their online account is who they say they are. By enabling this as mandatory we are therefore able to provide better security and protection of clients’ data and money.
Area: Payments
Feature: Important changes to local payment routes
Description: Our banking partner for certain local payments routes is making a change in impacting AUD, DKK, EUR, GBP, INR, IDR, MYR, NOK, PHP and SEK local routes.
A tightening in AML regulations and the increasing need to protect from tax evasion means that banks are moving to limit their jurisdictional exposures and as a result, applying new local payment restrictions. This helps preserve other local routes and keeps your funds protected.
What’s changing?
1. New restrictions to local DKK, EUR, GBP, NOK and SEK payments
If you want to send local DKK, EUR, GBP, NOK or SEK payments where the destination country or the ultimate payer is in one of the following: Andorra, Cayman Islands, Cyprus, Gibraltar, Guernsey, Isle of Man, Jersey, Liechtenstein, Malta, Monaco – you’ll no longer be able to use local payment routes.
These payments will need to be sent via SWIFT where there are greater controls in place among beneficiary banks. This helps to make sure that banks across Europe are taking the necessary steps to minimise AML and tax evasion risks. Using SWIFT also means you’ll benefit from payments arriving at the beneficiary faster, as well as giving you improved tracking information.
We recommend implementing these changes from today as it will help avoid compliance queries and delays to your payments. We’ll be blocking these specific countries relating to the local routes listed from 5pm 30th March 2020 to give you time to make changes to your code or process.
2. Charitable payments
Any payments sent to non-profit organisations, charities and charitable funds/institutions in Australia, Indonesia, India, Malaysia, and Philippines are not supported as local payments. If you want to make these types of payments to organisations in Australia, you’ll now need to send them via SWIFT. If you want to make these types of payments to organisations in India, Indonesia, Malaysia or Philippines, you’ll now need to send them as USD payments via SWIFT.
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28th February – 12th March
Release Highlights Summary: The breakdown of this week’s release highlights are:
- 1 New Feature
- 2 Fixes
Release Description: Platform Release
Area: CM (Cash Manager)
Feature: We are releasing the new margin management functionality that our clients have been able to use and test on Demo for a short while now.
What is margin?
Let’s take a step back. When you’re booking a conversion, Currencycloud needs to hold an amount of collateral on balance to minimize risk if this trade doesn’t happen. You need to provide us with collateral so we can hold it on your account.
There are two types of collateral we accept:
Margin: an amount held on your account for any conversions you want to book.
Deposits: linked to specific, individual conversions. The deposit is deducted from the relevant balance at the point of booking the conversion. The remaining ‘sell’ amount of the conversion is debited on the settlement date of the conversion.
Area: FX
We have a couple of fixes in the FX area of the Platform that are going live.
1. Enforcing currency-specific conversion limits for APAC currencies
2. Autocomplete Trading sweeps to Instarem.
Feedback:
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18th – 27th February
Release Highlights Summary: The breakdown of this week’s release highlights are:
- 3 Fixes
Release Name: Platform Release Area: Collections & Receipts – ACH Pull Issue: ACH Pull file control record has a wrong amount when the pulled amount is less than 1 USD. Fix: We have fixed a bug in ACH pull so that ‘ACH pull’s’ for less than 1$ will still complete correctly.
Release Name: Customer Reporting Area: Collections & Receipts Issue: Sender API consumer – call CRM when the account is not synced. Fix: We have fixed the sender API so that data will not take 10 minutes to sync to it. So you can fund the account and then call the sender API as soon as the transaction appears as pending.
Release Name: Area: FX Issue: Ghost trades on price overrides: Instarem rate-validation workflow. Fix: Fixed On behalf of Trading for Instarem conversions.
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