FairFX launches same-day China payments service

RNS Number : 3648X

FAIRFX Group PLC

21 February 2017

 

21 February 2017

FairFX Group plc

("FairFX" or "the Group" or "the Company")

FairFX launches same-day China payments service

FairFX, the FinTech low cost multicurrency payments service, is pleased to announce that its customers can now make same day payments directly into mainland China. The latest development now makes FairFX one of the few providers capable of facilitating multi-currency transactions, including Renminbi, into the Chinese market for personal as well as business payments.

Sending payments directly to mainland China is a big issue for many companies trading with the region. The FairFX payment service offers a fast, efficient solution to this problem and most are credited within 20 minutes.

James Hickman, Chief Commercial Officer of FairFX, said: "This is a fantastic solution for our business customers and gives FairFX a competitive edge over other providers who are unable to facilitate such rapid payments into China.

"FairFX sees China as a huge opportunity for growth and this latest development is further evidence that the Company is continuing to broaden its geographical reach and use technology to make efficiencies and drive costs down for our customers."

ENDS

FairFX Group plc Ian Strafford-Taylor, CEO	[phone]
Cenkos Securities plc Max Hartley/Callum Davidson	[phone]
Yellow Jersey PR Charles Goodwin Katie Bairsto	[phone] [phone]

About FairFX

FairFX is a leading international payment services provider, incorporated in the UK in 2005. The Company has developed a cloud-based peer-to-peer payments platform that 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 operates within the rapidly growing online multi-currency payments market and provides transactional services to both personal and business customers through four channels being Currency Cards, Physical Currency, FairPay and Dealing. The Currency Card and Physical Currency offerings facilitate multiple overseas payments at points of sale and ATM's whereas the FairPay and Dealing products support wire transfer foreign exchange transactions direct to Bank Accounts.

For Corporates, FairFX has a market-leading business-expenses solution based around its corporate prepaid card allied to a platform allowing the Corporate to better control expenses and improve transparency whilst removing administrative burdens from staff.

In addition, FairFX has entered into a number of "white-label" arrangements for the use of its P2P matching platform. Partners include easyjet, ThinkMoney, Pitney Bowes and Quintessentially. FairFX has also partnered with Concur Technologies, Inc. a leading provider of integrated travel and expense management solutions with over 25 million users globally. Such relationships provide strong support for FairFX's customer acquisition strategy.

 

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