SUMMIT, N.J., May 6, 2016 /PRNewswire/ -- Second Act Capital Partners, a bank and FinTech advisory firm founded by longtime bank strategist Raymond Chandonnet, and World Currency USA, a payments technology company founded by CEO Michael Ruccolo, have joined forces to assist banks in implementing "next generation" payment services for their customers. World Currency USA's platform permits banks to offer efficient, inexpensive cross-border payments to both retail and commercial customers while greatly automating the compliance process. The platform will also provide connectivity to the Federal Reserve's payment system to transmit domestic and foreign US dollar payments at a fraction of current cost. Backed by patented technology that seeks to virtually eliminate the "friction cost" in payments, the platform allows banks to offer their customers payments convenience along with far better pricing, and earn reliable fee income, without exposing their client relationships to a third party. Second Act Capital, which maintains a deep network of relationships with banks and their regulators, has guided World Currency USA in addressing the regulatory and operational issues important to banks, and is assisting the company in rolling out the technology.
According to Chandonnet, Second Act Capital chose World Currency USA as their partner on payments technology not just because of the quality of the platform, but also because of the company's goal from its inception to keep banks involved, rather than seeking to circumvent them. "Most FinTech players, especially in foreign payments, were launched with the intention of attacking the banks and poaching their customers," said Chandonnet. "We're now seeing those companies reverse course and seek to collaborate with banks to access their customers. World Currency USA was founded by bankers, for bankers – which we believe makes them a better and more trustworthy partner." Chandonnet also cited World Currency's ability to directly refer thousands of new export / import customers to their bank partners as a differentiating factor.
According to Mr. Ruccolo, who serves on the Federal Reserve's Faster Payments Task Force, partnering with Second Act Capital sends a signal that World Currency USA is serious about being a partner to its bank clients. "Second Act's principals have been fierce defenders of the banking industry and have exceptional credibility and history of delivering sound strategy to banks," said Ruccolo. "They've helped us design our product to meet the demands of regulated banks, and we believe their stamp of approval after performing diligence on competing platforms can be a difference-maker for our bank clients and for us."
Second Act Capital Partners is located in Summit, NJ and provides strategy and business development advice to banks and FinTech companies.
World Currency USA is located in Marlton, NJ and provides turnkey technology and client referrals to banks seeking to launch or improve automated payment services for their customers.
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SOURCE Second Act Capital Partners, LLC