A new collaboration between City National Bank of New Jersey, Clearshift and East Coast Capital Holdings aims to facilitate currency exchange with lower fees. The new platform relies on the millions of currency changes that occur on a daily basis in opposite directions. One company may need to exchange euros for dollars, while another company needs to exchange dollars for euros. The platform allows these exchanges to be done, to the greatest extent possible, as a P2P exchange. Clearshift makes up the difference in cases where an exact match can’t be found. As an additional benefit, the platform is capable of offering more cost transparency than many other services because it bases its exchange rates on the rates published by central banks daily.