FAIRFX Group PLC FairFX granted full Mastercard Membership (1066A)
December 21 2017 - 7:43AM
UK Regulatory
TIDMFFX
RNS Number : 1066A
FAIRFX Group PLC
21 December 2017
21 December 2017
FairFX Group plc
("FairFX" or "the Group" or "the Company")
FairFX granted full Mastercard Membership
FairFX, the e-banking and international payments group, is
pleased to announce that Mastercard has granted FairFX full
membership status. This gives FairFX a licence to issue Mastercard
branded cards, initially across Europe but with other regions to
follow.
The membership of Mastercard is part of FairFX's stated strategy
and is just one of the benefits of the e-Money licence the Group
holds. Mastercard membership is also an example of FairFX
continuing to gain direct membership of banking and payment
networks rather than accessing through third parties.
FairFX currently has a number of card programmes issued by third
parties that can now be brought in house. In addition to cost
savings, doing so will improve delivery and simplify processes,
which will facilitate the Group's continuing growth.
Ian Strafford-Taylor, CEO of FairFX, said: "Gaining Mastercard
Membership is a major step in our stated aim of reducing FairFX's
reliance on third parties and providing choice for the business. We
can now place our various products and services through the supply
chain that fits best from the perspective of cost, flexibility and
reliability. Going forward this will simplify our product iteration
and reduce our cost base which will ultimately benefit our
customers."
This announcement contains inside information.
Contact:
FairFX Group plc
Ian Strafford-Taylor, CEO +44 (0) 20 7778 9308
Cenkos Securities plc
Max Hartley/Callum Davidson +44 (0) 20 7397 8900
Yellow Jersey
Charles Goodwin +44 (0) 7747 788 221
Katie Bairsto +44 (0) 7946 424 651
About FairFX
FairFX is a leading challenger brand in banking and payments
that disintermediates the incumbent banks with a superior user
experience and low cost operating model. This enables personal and
business customers to make easy, low-cost multi-currency payments
in a broad range of currencies and across a range of FX products
all via one integrated system. The FairFX platform facilitates
payments either direct to Bank Accounts or at 30 million merchants
and over 1 million ATM's in a broad range of countries globally via
Mobile apps, the Internet, SMS, wire transfer and MasterCard/VISA
debit cards.
FairFX provides banking and payment services to both personal
and business customers through four channels: Currency Cards,
Physical Currency, International Payments and Bank Accounts. The
Currency Card and Physical Currency offerings facilitate multiple
overseas payments at points of sale and ATM's whereas the
International Payments channel supports wire transfer foreign
exchange transactions direct to Bank Accounts. For Corporates,
FairFX has a market-leading business-expenses solution based around
its corporate prepaid platform and card that can yield significant
savings on a Corporate's procurement through better controls and
improved transparency and also streamline the procurement process
thus saving administrative costs. Through the recent acquisition of
CardOne, FairFX now has the capability to offer retail and business
Bank Accounts with all the functionality you would expect from a
Bank, namely faster payments, BACs, direct debits, international
payments and a debit card.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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