Reference stack
Build cross-border treasury
A treasury operating stack for multi-currency accounts, FX, liquidity, payments, cash visibility, approvals and reconciliation.
Intended audience and markets
Audience
Markets
Infrastructure layers
Multi-currency accounts
RequiredHold and collect funds in required currencies.
Selection criteria
- Account ownership and jurisdiction
- Currency and local-collection coverage
- Balance protection
Provider options
- AirwallexPaymentsRole: Multi-currency accounts and payments
- Wise PlatformFX & Cross-borderRole: International account infrastructure
- CurrencycloudFX & Cross-borderRole: Visa-owned cross-border infrastructure
- Banking CircleBankingRole: Cross-border accounts and settlement
- iBanFirstFX & Cross-borderRole: Multi-currency accounts and FX
FX execution and hedging
RequiredConvert currencies and manage forecast exposure.
Selection criteria
- Pricing and spread model
- Forward and hedging capability
- Credit and collateral requirements
Payment and payout rails
RequiredMove funds to suppliers, subsidiaries or users.
Selection criteria
- Local payout coverage
- Cut-offs and returns
- Beneficiary validation
Treasury controls and reconciliation
RequiredManage approvals, cash visibility and ledger reconciliation.
Selection criteria
- Role-based approvals
- Bank and provider data integration
- Exception workflow
Optional stablecoin settlement
OptionalUse stablecoins selectively where legal, liquidity and operational analysis supports them.
Selection criteria
- Issuer and redemption risk
- Fiat banking support
- Network and custody controls
Implementation sequence
- Multi-currency accounts
- FX execution and hedging
- Payment and payout rails
- Treasury controls and reconciliation
- Optional stablecoin settlement
Regulatory considerations
- Cross-border payment, FX and account services are provided through jurisdiction-specific entities.
- Stablecoin settlement requires a separate regulatory and risk analysis.
Technical considerations
- Centralise balances and exposures without assuming every provider reports in real time.
- Use approval controls and reconciliation independent from the payment provider.
Questions to ask providers
- Which legal entity contracts for each service and in which jurisdictions?
- Which responsibilities remain with the product operator rather than the provider?
- What are the implementation, approval, testing and migration timelines?
- How are incidents, exits, data portability and business continuity handled?
- Which currencies require local accounts, hedging or prefunding?
What this stack does not cover
- ERP implementation and corporate tax structuring are not included.
Related stacks
Reviewed on 2026-07-07.
Provider options are examples of infrastructure roles, not endorsements or a guarantee of suitability, availability or regulatory compliance. Confirm requirements for your product with each provider and qualified advisers.