Successful integration of City Forex Platform

RNS Number : 1012N

FAIRFX Group PLC

04 May 2018

 

04 May 2018

FairFX Group plc

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

Successful integration of City Forex Platform

FairFX, the e-banking and payments group, is pleased to confirm that it has successfully migrated its international payments business onto the innovative proprietary platform developed by City Forex within only 10 weeks of the acquisition of the business on 21 February 2018.

The migration of the FairFX international payments business, which processed over £500 million in foreign exchange volume in 2017, required the transfer of over 100,000 records. The platform now gives FairFX payments customers access to a 7-year history of their transactions and also the ability to trade their foreign exchange directly on the platform if they prefer.

As previously stated, one of the key benefits of the acquisition was the City Forex platform, which processes foreign exchange trades and settlements with a high degree of automation and efficiency.

Ian Strafford-Taylor, CEO of FairFX commented:

"The project to move the FairFX international payments book onto the City Forex platform has been a tremendous team effort. It was a major achievement to complete the migration in only ten weeks from closing the deal, which demonstrates the Group's ability to successfully integrate new businesses."

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Contact:

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

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.

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