Ukash selects RBS online FX payments system

Source: Royal Bank of Scotland

The Royal Bank of Scotland (RBS) Financial Markets and Ukash, a leading supplier of secure voucher-based cash deposit and withdrawal services for Internet commerce, have just announced an agreement to enable online multicurrency functionality through FXmicropay.

Ukash is a new, simple and secure way for consumers to pay for goods and services online, and FXmicropay is a flexible foreign exchange (FX) management tool well suited to online international payment applications. For consumers and merchants concerned about debit and card fraud and identity theft on the Internet, Ukash is a new, safe and secure way to pay in cash for online purchases.

As a market-leading bank recognised for achieving significant advancements in electronic trading, RBS provides a number of FX solutions tailored to the specialised trading requirements of corporate treasuries and financial institutions. FXmicropay is a unique FX management service, developed in-house by RBS Financial Markets in response to customer demands and is integrated to these clients via an Applications Programming Interface (API).

Tom Roche, Global Head of eCommerce, RBS Financial Markets, explained: "With FXmicropay intelligently managing FX risk on Ukash's behalf, Ukash can focus on its core competence - providing an internationally recognised e-payments solution. All FX trade execution and settlement runs automatically in the background, securely via the Internet, and as a result, FXmicropay integration with Ukash's infrastructure was straightforward."

As online cross-border sales boom, alternative payments methods are in big demand from both merchants and consumers. Using the RBS FXmicropay service for FX risk management has enabled Ukash to roll out its revolutionary payment service cross-border.

Hans Hagen, Managing Director, Ukash, commented: "To address the growing market needs for an efficient voucher based payments system that works efficiently cross-border for both consumers and online merchants, Ukash is delighted to have signed an agreement with RBS, one of the world largest FX Banks. We are now using FXmicropay to roll out this new multicurrency functionality to our merchants with consumers wanting to transact internationally."

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