· Central 1 partners with Agility Forex, a fintech company based in Vancouver
· Central 1 now has a stake in Agility Forex and has a seat on its Board of Directors
· The partnership will make cross-border payments cheaper
Central 1 Ventures and Agility Forex just signed what Central 1 calls a “strategic partnership,” according to a press release dated July 12, 2018. The move will make international money transfers rather cheap, with Central 1 noting that they can even be at zero cost. The partnership will provide a competitive advantage to credit unions in Canada and will widen Agility Forex’s reach in the country.
The partnership was made possible by Central 1’s C1 Ventures, the former’s venture capital corporation in Canada. Reports say, C1 also secured 28% of Agility Forex and now has a seat on the fintech company’s board.
Central 1’s CEO Mark Blucher said in a statement: “Forming C1 Ventures and our partnership with Agility Forex is key to our client-centric strategy, and an example of how we are focused on the needs of our credit unions and clients to bring them proven, innovative solutions that provide them with a competitive edge.”
Low-cost international transfers
Central 1’s driving force to secure a stake in Agility Forex is its desire to offer low-cost international transfers to credit unions in Canada and also extends this service to credit union members. According to C1, the new service that they will offer through the help of Agility Forex will not only make low-cost international payments possible but will also improve client experience. According to the CEO of Agility Forex Andrew McGuire, the company is “excited” about the partnership because it will “provide credit unions with easy, low-cost international payments, 24/7”.
Next-day settlement
The Canadian fintech has a software platform that allows next-day settlement without the hefty price tag. It is fully digital and is fitted with anti-money laundering and identity verification processes. Apart from these, Agility Forex also has competitive exchange rates that are often better than the rates offered by Canadian banks. Mark Blucher said: “The Canadian foreign exchange transaction market is ripe for disruptive change, and we believe this partnership will take advantage of that opportunity.”
For more information about regular payments abroad, take a look at our guide here.
