Exchange Bank of Canada Achieves Access to Federal Reserve US Dollar Currency Services Program to Facilitate Global Banknotes
August 16 2021 - 7:00AM
Currency Exchange International, Corp. (TSX:CXI)
(OTCBB:CURN), a full service foreign exchange technology
and services provider, is pleased to announce its wholly-owned
subsidiary Exchange Bank of Canada (EBC) has been approved to
participate in the Federal Reserve’s Foreign Bank International
Cash Services (FBICS) program. Through the FBICS program, EBC will
receive access to the Federal Reserve’s International Cash Services
(ICS) program.
The FBICS program is designed to permit certain
foreign banks that do not have a presence in the United States to
open limited-purpose master accounts on the books of the Federal
Reserve Bank of New York (FRBNY), and to use those accounts to
access Federal Reserve Bank currency services in connection with
their international banknote operations.
“We are proud to be a part of the Federal
Reserve FBICS program. As part of meeting the program’s eligibility
requirements, EBC proved its substantial commitment to the
wholesale banknote business and our future involvement in the
global wholesale banknote market. EBC having an account on the
books of the Federal Reserve Bank of New York for the US dollar
program will assist banks and central banks across the globe with
end-to-end logistics from EBC, a bank specializing in wholesale
banknote exchange,” said Randolph Pinna, Chief Executive Officer of
EBC.
Entities approved for participation in the FBICS
program receive access to the Federal Reserve’s ICS program,
including the ability to place orders for USD banknotes from the
FRBNY on a same-day basis, to have USD currency orders fulfilled
solely with new USD banknotes (as opposed to previously circulated
banknotes), and to receive expedited processing of
large-denomination USD banknotes deposited with the FRBNY. For more
information about EBC’s access to the FBICS program, please see the
FRBNY’s website.
About Currency Exchange International,
Corp.
Currency Exchange International provides
comprehensive foreign exchange technology and processing services
for banks, credit unions, businesses, and consumers in the United
States and select clients globally. Primary products and services
include the exchange of foreign currencies, wire transfer payments,
Global EFTs, and foreign cheque clearing. Wholesale customers are
served through its proprietary FX software applications delivered
on its web-based interface, www.cxifx.com (“CXIFX”), its
related APIs with core banking platforms, and through personal
relationship managers. Consumers are served through Company-owned
retail branches, agent retail branches, and its e-commerce
platform order.ceifx.com (“OnlineFX”).
Exchange Bank of Canada, the Company’s
wholly-owned Canadian subsidiary based in Toronto, Canada, provides
foreign exchange and international payment services in Canada and
select international foreign jurisdictions. Customers are served
through the use of its proprietary
software, www.ebcfx.com (“EBCFX”), related APIs to core
banking platforms, and personal relationship managers.
Contact Information
For further information please contact: Bill MitoulasInvestor
Relations(416) 479-9547Email: bill.mitoulas@cxifx.comWebsite:
www.cxifx.com
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATIONThis press release includes
forward-looking information within the meaning of applicable
securities laws. This forward-looking information includes, or may
be based upon, estimates, forecasts and statements as to
management’s expectations with respect to, among other things,
demand and market outlook for wholesale and retail foreign currency
exchange products and services, proposed entry into the Canadian
financial services industry, future growth, the timing and scale of
future business plans, results of operations, performance, and
business prospects and opportunities. Forward-looking statements
are identified by the use of terms and phrases such as
“anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”,
“may”, “plan”, “predict”, “preliminary”, “project”, “will”,
“would”, and similar terms and phrases, including references to
assumptions.
Forward-looking information is based on the
opinions and estimates of management at the date such information
is provided, and on information available to management at such
time. Forward-looking information involves significant risks,
uncertainties and assumptions that could cause the Company’s actual
results, performance or achievements to differ materially from the
results discussed or implied in such forward-looking information.
Actual results may differ materially from results indicated in
forward-looking information due to a number of factors including,
without limitation, the competitive nature of the foreign exchange
industry, the impact of COVID-19 coronavirus on factors relevant to
the Company’s business, currency exchange risks, the need for the
Company to manage its planned growth, the effects of product
development and the need for continued technological change,
protection of the Company’s proprietary rights, the effect of
government regulation and compliance on the Company and the
industry in which it operates, network security risks, the ability
of the Company to maintain properly working systems, theft and risk
of physical harm to personnel, reliance on key management
personnel, global economic deterioration negatively impacting
tourism, volatile securities markets impacting security pricing in
a manner unrelated to operating performance and impeding access to
capital or increasing the cost of capital as well as the factors
identified throughout this press release and in the section
entitled “Risks and Uncertainties” of the Company’s Management’s
Discussion and Analysis for the year ended October 31, 2020. The
forward-looking information contained in this press release
represents management’s expectations as of the date hereof (or as
of the date such information is otherwise stated to be presented),
and is subject to change after such date. The Company disclaims any
intention or obligation to update or revise any forward-looking
information whether as a result of new information, future events
or otherwise, except as required under applicable securities
laws.
The Toronto Stock Exchange does not accept
responsibility for the adequacy or accuracy of this press release.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained in
this press release.
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