FAIRFX Group PLC Launch of international business account for SMEs
June 27 2018 - 2:00AM
RNS Non-Regulatory
TIDMFFX
FAIRFX Group PLC
27 June 2018
27 June 2018
FairFX Group plc
("FairFX" or "the Group" or "the Company")
FairFX launches international business account for small
businesses
FairFX, the e-banking and international payments group, is
pleased to announce the launch of its new global business current
account.
-- FairFX to build upon its banking capability with introduction of the Fair Everywhere business current account
-- Fair Everywhere removes the barriers to do business across borders with multi-currency wallets and foreign
exchange fees that save businesses time and money
-- Secure Mastercard cards allow customers to streamline business spending around the world
-- Millions of SMEs can benefit from a significant reduction in fees compared to traditional providers
The Fair Everywhere business account brings together FairFX's
expertise in international payments with services designed to make
global business banking easier, faster and cheaper for those who
don't want borders to limit their business ambitions.
The new Fair Everywhere account allows customers to:
-- Manage all day-to-day business banking and international money transfers in one current account with balances in
Sterling, Euro and US Dollar.
-- Access highly competitive foreign exchange rates on cross-border transfers, helping businesses' bottom line
performance.
-- Rely on dedicated customer service with unlimited access to a UK-based customer support team Monday to Saturday.
-- Transact in over 210 countries worldwide with a chip & PIN secure Mastercard debit card.
-- Fit your banking around you with the Fair Everywhere mobile app.
-- Receive 3.5% cashback rewards from over 50 UK high street retailers simply for doing business as usual.
-- Automate bill payments through direct debits or standing orders directly from their account.
The account is initially only available to 1,000 customers with
existing FairFX Business customers offered priority access. Other
businesses can sign up to join the waiting list.
Ian Strafford-Taylor, CEO of FairFX said: "The Fair Everywhere
account is for businesses that don't see barriers in borders. We've
brought together the best of both our banking and currency
platforms and kept it simple with a straight forward, all inclusive
price of GBP50 per month for an account that has been designed
entirely to make it easier and cheaper for customers to manage
their day to day finances.
"We know that most SMEs are not limited by their ambitions and
as such they should not be limited by working with banks that
penalise them with extortionate fees, complex pricing structures
and poor service."
"We will be launching additional subscription tiers for
businesses turning over different amounts and introducing a pay-as
you-go pricing option very quickly, to ensure we provide a flexible
service that helps our customers be more effective."
"With Fair Everywhere, we have taken our winning formula of
combining market leading value with quality service standards and
applied it to the underserved SME banking market. This
international business account makes it easy for SMEs to manage
their day-to-day finances as well as their international payments
at exchange rates that are what we believe to be the fairest around
and all from a single account."
"The Fair Everywhere cards will also be issued by the FairFX
Group after the Group became a principal member of Mastercard in
2017, which gives us even more control over our supply chain to
enhance the product and customer experience."
"This launch is a big step for FairFX towards building out our
banking and payments offering, and we're excited about growing with
our customers."
Visit Fair Everywhere to find out more about the international
business account.
ENDS
FairFX Group plc +44 (0) 20 7778
Ian Strafford-Taylor, CEO 9308
Cenkos Securities plc +44 (0) 20 7397
Max Hartley/Callum Davidson 8900
Yellow Jersey PR +44 (0) 7747 788
Charles Goodwin / Abena Affum / Katie Bairsto 221
Notes to Editors
The Fair Everywhere account is up to 60% cheaper vs average
costs of the top 5 high street banks for a business with a turnover
ranging GBP1m - GBP3m making regular international payments.
There were 5.7 million private sector businesses in the UK as of
2017.https://www.fsb.org.uk/media-centre/small-business-statistics
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.
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END
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