Bank of Ireland partners with WorldFirst to launch international payments service in US
Bank of Ireland Global Markets has today announced that it is expanding its U.S. customer offering by launching Bank of Ireland Global Payments – a foreign exchange and payments service in partnership with WorldFirst. This unique alliance between a FinTech company and a traditional bank will allow businesses in the U.S. to make fast and safe international payments with no transfer fees.
Recent research amongst U.S.-based small and medium-sized enterprises (SMEs) highlights that many are looking for a more efficient and cost-effective way to make international payments. Bank of Ireland’s new solution with WorldFirst affords business customers access to a dedicated user-friendly service that is available 24/7 with competitive foreign exchange rates and no transfer fees.
Speaking about the alliance, Kevin Twomey, CEO of Bank of Ireland Global Markets, said, “As a long-established supplier of treasury services across North America, we are constantly innovating in order to enhance the overall customer experience, and we are therefore delighted to announce our new international payments partnership with WorldFirst.”
“Our research has clearly shown that U.S.-based companies have a strong appetite for a fast, secure, easy and efficient alternative to their traditional solution for international payments,” said Twomey. “Bank of Ireland’s new service with WorldFirst will ensure that business customers have access to a seamless interface that offers great rates, no transfer fees and is powered by a platform that customers can trust.”
Speaking at the launch, Alex Arnold, Global Head of Partnerships for WorldFirst said, “This partnership represents a great example of traditional banks innovating to meet their clients’ needs by working with FinTech companies. The FinTech sector has improved the opportunities available to U.S. SME’s when it comes to working globally. Research told Bank of Ireland there was an opening in the market and our international payments solution meets that need.”
“WorldFirst and Bank of Ireland have a lot in common with strong ties back to European headquarters, a desire to build long-term relationships with our clients and constantly striving to improve our respective product offerings. This represents an exciting partnership, opening up a more diverse client base for Bank of Ireland and we’re delighted to be working together” said Arnold.
The online product range will include spot contracts, bulk payments, regular transfers and forward contracts, and is suited to businesses across all sectors looking for a better solution than their main banking provider for their international payments needs.
About Bank of Ireland Global Markets:
Bank of Ireland Global Markets is Ireland’s leading provider of treasury products and services to retail, corporate and institutional customers, and is also responsible for managing the foreign exchange, interest rate and traded credit risk for the Bank of Ireland Group. The customer base ranges from major multinationals through to fast-growing companies, across Ireland, the United Kingdom and the United States. Bank of Ireland also works with over 60 percent of international businesses setting up in Ireland. Internationally, it has significant businesses of scale in Europe and the U.S. and works with colleagues in multiple international locations including London, Bristol, Paris, Frankfurt, New York, Stamford, Chicago and Los Angeles.
In the U.S., Bank of Ireland Global Markets provides a comprehensive range of treasury products and services. In addition to core products, they develop solutions, customised to business requirements. Bank of Ireland Global Markets can help manage the impact on business cash flows and overall profitability of volatile market movements in exchange rates, interest rates, inflation or commodity costs.
Bank of Ireland Global Markets commissioned FXCintel to carry out extensive primary research on U.S. SMEs buying or selling goods internationally. The research examined the decision criteria of financial professionals in these companies with regards to FX products and international payments. It explored attitudes to trade in currencies other than USD, the impact of price, speed and trust, as well as opinions on bank versus non-bank offerings and how company size influences demand for different product types.
For more information on Bank of Ireland Global Payments visit: www.boiglobalpayments.com
WorldFirst is a market-leading, award-winning, rapidly-growing international FinTech business. Specialist in international payments and currency exchange, WorldFirst combines specialist knowledge of foreign exchange markets with technological innovation to help businesses and individuals manage cross border currency payments quickly, securely and transparently. An alternative to traditional banks’ generalist approach, WorldFirst has successfully exchanged more than $67 billion for more than 130,000 businesses and individuals since 2004. WorldFirst’s corporate and e-commerce desks enable SMBs and online marketplace sellers to expand internationally via a specialist and personalised service proposition and bespoke technology. WorldFirst employs more than 600 people across seven international offices in London, Sydney, Austin, Hong Kong, Singapore, Amsterdam and Tokyo.