FairFX, the e-banking and payments group, is pleased to confirm that it has successfully migrated its international payments business onto the innovative proprietary platform developed by City Forex within only 10 weeks of the acquisition of the business on 21 February 2018.
The migration of the FairFX international payments business, which processed over £500 million in foreign exchange volume in 2017, required the transfer of over 100,000 records. The platform now gives FairFX payments customers access to a 7-year history of their transactions and also the ability to trade their foreign exchange directly on the platform if they prefer.
As previously stated, one of the key benefits of the acquisition was the City Forex platform, which processes foreign exchange trades and settlements with a high degree of automation and efficiency.
Ian Strafford-Taylor, CEO of FairFX commented:
"The project to move the FairFX international payments book onto the City Forex platform has been a tremendous team effort. It was a major achievement to complete the migration in only ten weeks from closing the deal, which demonstrates the Group's ability to successfully integrate new businesses."