OFX Brings FX Account Services To The UK

Foreign exchange solutions company OFX is expanding its services in the U.K.

Reports in Tamebay said Thursday (Sept. 13) that its Global Currency Account is now available to importers and exporters in the U.K. The service targets businesses trading online across borders, providing a platform to manage multiple currencies in a single solution.

According to OFX, businesses buying and selling internationally would typically have to open bank accounts in multiple jurisdictions. Using a multi-currency account solution enables traders to make payments to suppliers across borders, hold balances and pay taxes from their accounts. Different accounts can be opened to correspond to different geographic markets, while account balances are paid into a single, domestic bank account when corporate users choose.

In a statement, OFX CEO and Managing Director Skander Malcolm said the launch in the U.K. will help online sellers in the market “expand globally and move their money securely and easily.”

“With the growing international popularity of ‘Brand Britain,’ it’s important we find new efficiencies in the global economy for our U.K. eCommerce customers,” Malcolm continued. “We aim to continually innovate, harnessing client feedback to create new offerings, and look forward to launching more in the near future.”

The U.K. launch comes less than a year after OFX announced to PYMNTS that it had appointed its new president of North American operations, Mike Kennedy, as the Australia-based company began ramping up its focus on the Western Hemisphere. At the time, Kennedy told Karen Webster that OFX aims to provide “invisible infrastructure” to power cross-border payments.

“There are inefficiencies in money movement today,” he said, “and it remains less than simple for all businesses or individuals to move money for a reasonable price.”

Also last year, OFX released its research on small businesses’ optimism, finding 57 percent agree their outlook on doing business across borders remains “strong.”