- CurrencyWave, which operates out of the major British city of Leeds, said that the new service would provide customers with the chance to make incoming and outgoing transactions – and also hold cash.
- The presence of an IBAN number means that over 30 currencies are in play.
- Jamie Holmes, who serves as a director of CurrencyWave, emphasised that the new offering could make all the difference when it comes to a firm’s long-term security.
UK-based online money transfer firm CurrencyWave has announced the launch of an all-new currency account designed to help customers do business abroad.
CurrencyWave said that the account would offer firms the chance to send and receive as they build their business internationally.
Firms that use the service will also be able to hold cash in a foreign currency of their choice.
They can also use the service to pay those in their supply chain abroad while accepting cash from offshore customers.
The new process will work by giving each account a unique IBAN, or International Bank Account Number.
This will then enable the holder of that account to accept and keep cash in almost 35 currencies.
In the reverse scenario, they will be able to send cash in closer to 40 currencies.
Clients in the US will be able to make the most of an integration with US-based payment systems such as Fedwire.
CurrencyWave, which is based in the British city of Leeds, said that one of the aims of the new service was to allow customers to access their money as “working capital”.
It also said that the new accounts would remove the requirement on customers to set up a foreign bank account.
Jamie Holmes, who is a director at CurrencyWave, said that this could have a real impact on a company’s prospects.
“The whole ethos behind the platform is to facilitate the freeing up of working capital that is so vital to a company’s success or failure in overseas trade,” he said.
“No longer will it be necessary to open up a bank account in another country, so this complex and expensive pain point is removed for all of our clients,” he added.
He also went on to discuss the importance of the target market for this product – small to medium-sized enterprises (SMEs).
He argued that these organisations were responsible for up to half of turnover in the British private sector – and that they also played a major role in employment.
“SMEs generate as much as 50% of private sector turnover and employ 3/5ths of the UK workforce yet their potential to participate in global trade is often limited by the restrictions of conventional banking,” he said.
“As new trading corridors open up, it’s important that there are no barriers to entry created by cumbersome legacy payment processes,” he added.
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