Alliance between fintech and traditional banking will be a bonus for US businesses.
Bank of Ireland has joined forces with a US fintech company called WorldFirst to launch a new international payments service in the US.
The new platform – Bank of Ireland Global Payments, a foreign exchange and payments service – allows businesses in the US to make fast and safe international payments with no transfer fees.
‘The fintech sector has improved the opportunities available to US SMEs when it comes to working globally’
– ALEX ARNOLD
US SMEs are looking for more efficient and affordable ways to make international payments.
The new platform offers access to a dedicated user-friendly service, available 24/7 with competitive foreign exchange rates.
Appetite for transaction
“Our research has clearly shown that US-based companies have a strong appetite for a fast, secure, easy and efficient alternative to their traditional solution for international payments,” said Kevin Twomey, CEO of Bank of Ireland Global Markets.
“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.”
An alternative to traditional banks’ generalist approach, WorldFirst has successfully exchanged more than $67bn for more than 130,000 businesses and individuals since 2004.
“This partnership represents a great example of traditional banks innovating to meet their clients’ needs by working with fintech companies,” said Alex Arnold, global head of partnerships at WorldFirst.
“The fintech sector has improved the opportunities available to US SMEs when it comes to working globally. Bank of Ireland’s research showed there was an opening in the market and our international payments solution meets that need,” he added.