Launch of international business account for SMEs

RNS Number : 6793S

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 £50 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 Ian Strafford-Taylor, CEO	[phone]
Cenkos Securities plc Max Hartley/Callum Davidson	[phone]
Yellow Jersey PR Charles Goodwin / Abena Affum / Katie Bairsto	[phone]

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 £1m - £3m 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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