AFEX Spreads X-Border Payments To New Market

Cross-border payments and risk management company AFEX is doing a bit of cross-border movement itself. The company revealed Monday (March 14) that it is opening a new office in Madrid, eyeing Spain as a strategic hub for its global corporate payments solutions.

“Spain is a particularly attractive market for us, and we are excited to announce the opening of our office in Madrid,” said AFEX EMEA Sales Director Anthony Rea in a statement. “The city is a major economic hub in Europe and home to a diverse range of businesses that we are certain will benefit from our tailored payment and treasury management solutions.”

According to AFEX, the nation saw a 4.7 percent increase in the value of exports stemming from the market last year, hitting a new high worth of more than $278 billion.

But Spain’s cross-border payments sector is underserved, the company added, with regards to foreign exchange and transaction capabilities.

AFEX already operates offices in other areas of Europe, as well as the U.S., Asia, Australia and Canada.

“AFEX’s goal is to provide flexible and comprehensive global payment, treasury management and foreign exchange solutions that are unmatched in the industry,” said Madrid Office Head and Director for Spain Fernando Cid Cardenas in a statement.

In an interview with PYMNTS late last year, the company’s general manager of the Americas, Christian Spaltenstein, pointed to the biggest trends in cross-border payments for 2016, all dependent upon technology.

“One of the biggest trends we see right now is the democratization across payments, which is what comes with the Internet; what was once part of big banks alone has now become a global phenomenon, with customers now, all over the world, being able to use services across the spectrum,” he said. “Where people in some countries may once have not been able to have a bank account, now they are able to make payments, for example, using a mobile wallet.”