The e-banking and international payments group FairFX is set to launch its multi-currency business current account, marking its entrance into the SME banking sector.
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.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Redefining SME banking technology
There has been significant change in the financial services sector in the past three to five years, one driven by new client expectations of customer experience, performance and speed of execution...
Unity Trust Bank reports 68 per cent profit rise
Unity Trust Bank increased its profits by 68% in 2018, having approved over £200m of lending to firms and projects...
OakNorth reveals plans for Manchester client-facing office
OakNorth’s Manchester client-facing office is expected to go live within two to three months, according to its chief operating officer Amir Nooriala (pictured above)...
SimplyBiz agrees to acquire Defaqto for £74.3m
The SimplyBiz Group has conditionally agreed to acquire the entire issued share capital of Regulus Topco Limited for a total consideration of £74.3m...
Training BDMs to the level required takes 'up to a year'
Investec Private Bank’s BDM Peter Izard (pictured above) has stated that if you don't invest in people, you won’t get the outcomes that you need...
A guide to 'Isa season'
If you’ve opened a newspaper or read the news online recently, you’ve probably come across the term ‘Isa season’ which focuses on how you should use your Isa allowance before the end of the tax year...
UTB introduces new first charge product
United Trust Bank (UTB) has launched a new first charge product aimed at customers who own their properties outright...
Price of flats down as much as 7.5% in last 12 months
The price of flats has fallen by as much as 7.5% in some parts of the UK, according to a report by Gatehouse Bank...
Is there a lack of understanding around e-money institution protection?
There’s an opportunity to improve the understanding and knowledge of financial protection offered by e-money institutions, according to Myles Stephenson, CEO at Modulr (pictured above)...
OakNorth Analytical Intelligence bolsters leadership team
Global fintech platform OakNorth Analytical Intelligence has hired Nikolai Varma and Rikard af Ekenstam to strengthen its leadership team...
Deutsche Bank and Commerzbank confirm merger talks
Deutsche Bank and Commerzbank have confirmed that they are engaging in discussions with an open outcome on a potential merger...