The new business current accounts will be made available to customers in early 2018.

Fair Everywhere will offer SMEs current accounts in multiple currencies that will incorporate full banking services combined with a low-cost, international payment facility.

The account can be opened within a few hours, enables business customers to send and receive funds from abroad at FairFX's exchange rates and offers a rewards programme which allows customers to earn up to 3.5% cash back on purchases at major retailers.

Ian Strafford-Taylor, CEO of FairFX, said: “It's fantastic to reveal our planned launch of the Fair Everywhere business current account, the first new product coming from our pipeline of new digital banking services for SMEs.

“Our aspiration with Fair Everywhere is to make international business fairer, easier and more cost effective, and the international payments functionality is a real differentiator compared to other service providers.

“By making a small change in banking provider, businesses can make a big difference to their bottom line.

“Fair Everywhere also sees FairFX expand its product offering and make a significant move into the SME banking services space, targeting businesses that require cost-effective, efficient current accounts.

“We are looking forward to announcing the official launch of the Fair Everywhere product in early 2018.”

Earlier this year, FairFX acquired CardOne.