FAIRFX Group PLC Further progress in Supply Chain Rationalisation (6736R)
March 04 2019 - 2:00AM
UK Regulatory
TIDMFFX
RNS Number : 6736R
FAIRFX Group PLC
04 March 2019
4 March 2019
FairFX Group plc
("FairFX" or "the Group" or "the Company")
Further progress in Supply Chain Rationalisation
FairFX, the e-banking and international payments group, is
pleased to announce further progress in its strategy of
rationalising its supply chain. As announced on 25(th) January, the
Group was focussing on rationalising the supply chain to improve
margins across the corporate card division.
This has now progressed ahead of schedule and, as a result of
better financial terms secured with its existing supply chain
partners, FairFX will benefit from a greater share of revenues
going forward.
Ian Strafford-Taylor, Fairfx Group CEO, added:
"An integral part of our strategy has long been to enhance our
supply chain, both in terms of internalising processes where
appropriate to increase share of revenues and securing better
commercial terms to reduce our costs, the benefits of which improve
further as the business scales. I am delighted with the significant
progress we have made in this area in recent weeks and to complete
this particular phase of the project ahead of schedule."
For more information, please contact:
FairFX Group plc +44 (0) 20 7778
Ian Strafford-Taylor, CEO 9308
Cenkos Securities plc - Nominated Advisor
and Joint Broker
Max Hartley (Nomad)
Callum Davidson +44 (0) 20 7397
Nick Searle - Sales 8900
Canaccord Genuity Limited - Joint Broker
Bobbie Hilliam
David Tyrrell +44 (0) 20 7523
Alex Aylen - Sales 8150
Yellow Jersey
Charles Goodwin
Joe Burgess +44 (0) 7747 788
Annabel Atkins 221
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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