FAIRFX Group PLC FairFX unveils card issuance and business lending (8766J)
April 05 2018 - 2:00AM
UK Regulatory
TIDMFFX
RNS Number : 8766J
FAIRFX Group PLC
05 April 2018
5 April 2018
FairFX Group plc
("FairFX" or "the Group" or "the Company")
FairFX Group launches self-issuance of cards and commercial
finance capability
FairFX, the e-banking and international payments group, is
pleased to announce the achievement of two further milestones as
part of its digital banking strategic plans, with the commencement
of self-issuance of Mastercard branded cards and launching a
commercial finance capability to its business banking
customers.
Self-issuance allows the Group to consider multiple options for
issuance of cards across its entire product suite and delivers the
stated objective of achieving increasing economies of scale, whilst
selectively internalising appropriate parts of the value chain.
Developing this facility was made possible through the Group's
e-money licence and its principal membership of Mastercard (as
announced in December last year).
In addition, the Group has launched a commercial finance
capability through a collaboration with Alternative Business
Funding, which connects customers with appropriate and properly
regulated lenders. The Board believes this is a natural extension
of the Group's comprehensive digital banking offering through the
CardOneBanking platform. Customers will be able to access a variety
of funding options online, including loans which can be approved in
hours rather than days. The provision of this service adds a
crucial banking capability and will broaden the appeal of the
Group's offering, whilst improving the ability to add more business
customers without taking on any credit risk.
Ian Strafford-Taylor, CEO of FairFX, said: "Achieving the
milestones of issuing the first cards under our Mastercard license,
and adding a commercial finance capability to our digital Banking
suite are important steps forward for the FairFX Group. The
successful launch of self-issuance is testament to the Group
working as a unified team with the CardOneBanking banking team in
Chester, ably led by CEO and Banking Head Adam Rigler, alongside
other areas in the Group. Together, these successes tie in with our
twin strategies of increasing efficiency whilst adding new
products."
Adam Rigler, Head of Banking for FairFX Group and CEO of
CardOneBanking said: "Self-issuance enables us to better manage the
service levels we can offer to our customers which will further
improve customer satisfaction and thereby retention. Furthermore,
offering quick and simple access to commercial finance is in
response to requests from our current customer base as obtaining
funding for SME's from traditional lenders can be difficult and
time consuming."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
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
CardOneBanking, 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
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