OFX Group Limited (ASX: OFX), one of the world's leading international payments providers, today introduced a multi-currency account for businesses to help them manage international cash flow.
Businesses can now pay, get paid and hold balances in their own unique local accounts in up to seven currencies – EUR, GBP, AUD, HKD, SGD, CAD, USD - manage them from a single dashboard, and integrate with Xero accounting software.
The product, OFX Global Currency Account, comes to market as many businesses are expanding into global markets to generate new revenue streams in the face of COVID-related losses.
“Our Global Currency Account is more than a product -- it’s a catalyst for small business growth,'' said Sarah Webb, OFX President, UK and Europe. “Today, ‘small business’ typically means ‘local business.’ This shouldn’t be the case. There is a massive growth opportunity for small businesses to sell their products and services internationally, but historically the task of managing multiple currencies and opening foreign bank accounts was a big barrier. The OFX Global Currency Account changes that. It removes every barrier so now small can also equal global,” she added.
The Global Currency Account is available to businesses operating out of the United Kingdom, Canada, U.S., Singapore and Hong Kong, with future plans for availability in Australia. Businesses already operating internationally from those markets, or those just getting started, can use the OFX Global Currency Account to pay vendors, suppliers and taxes from balances, and receive payment for invoices directly into their accounts. Getting set up is simple and fast. Businesses can call to speak with an OFXpert who can get them on their way to accepting and paying in foreign currencies. Additionally, once using the product, customers benefit from OFX 24/7 customer service, great rates and currency expertise, which can give them the confidence to smartly manage currency transfers and fluctuations to improve outcomes.
“Small businesses, from services firms to ecommerce sellers, are growing through international sales,” said David Nicholls, OFX Head of Ecommerce and Enterprise. “The feedback we’re hearing about our Global Currency Account is that it solves the critical problems of operating in multiple currencies so business owners can fully focus on growing their businesses. This feedback demonstrates our continued success in supporting the global needs of our business customers, and further inspires us to continue to innovate on their behalf.”
In today’s economic climate, small businesses' ability to move money globally is both fundamental and high stakes. OFX offers a leading solution that connects a seamless digital experience with high-touch, expert, 24/7 support to ensure customers get their money where it needs to be around the world, day or night. The OFX Global Currency Account comes to market integrating with Xero accounting software, with plans for additional integrations and product advancements with future updates.