Direct Foreign Exchange (Direct FX) announces today it has enhanced its customized internet software solution for banks and credit unions which enables them to provide a full range of currency products to their customers.
In addition, Direct FX announces its doors are open to investors and strategic partners for company expansion strategy as the global foreign exchange currency market continues to grow on an exponential; annual basis.
Currently, the market share for Direct FX's payment products is estimated in excess of $1.28 trillion in the U.S.; $115 billion in the NY area alone. The size of Direct FX's market for its foreign travel products is $320 billion; $29 billion in the greater NY area. This estimate of the size of the payments market is based solely on import/export data for small and medium sized enterprises (SMEs). This is a conservative estimate that does not include existing customers being serviced by money center banks.
Jonathan Bloch, Chairman, Direct Foreign Exchange Inc (Direct FX) adds: "The global foreign exchange currency market is one the largest with continual growth on an annual basis. Currency services offered by the major banking institutions have additional transaction costs for regional and community banks resulting in that bank's customers paying higher fees. Direct FX provides banks an alternative with its customized white labeled currency software. This enables banks who have been to date worried about high infrastructure cost and risk a new way to save money for their customers by using internet technology. The banks also, by using the Direct FX software, will generate a new revenue and profit stream with virtually no technology investment."
Mr. Bloch continues: "We are currently looking for online banking software partners and a strategic investment in order to grow direct marketing and sales initiatives. "
Direct FX's software is customized and branded in the name of the bank and provides each of them with:
- New source of fee based revenue.
- New marketing tool to attract new commercial deposit customer
- No risk transaction processing
- No implementation, customization, processing or licensing cost
Currency products s supported by Direct FX are both payment related (80% market share) and travel related (20% market share). Payment related products include wire transfers and foreign currency bank drafts. Travel related products are foreign currency bank notes and international traveler's checks.