The consultancy firm, Point Group, has launched an online foreign currency exchange and international payments platform, called edgeFX.
The platform is designed as a payment solution for international business, global investors, wealth managers, IFAs and private clients. To launch it, Point partnered with Monex Europe to use its technology platform and global network, which enables cross-currency payments both domestically and internationally in over 60 currencies and to approximately 185 countries.
In an online post announcing the launch, Henry Wilkes, head of FX at Point, says: “EdgeFX brings together all of the features clients expect of an FX service in a clear, concise and low-cost environment. It speeds up the process of making international payments and money transfers using the fastest and most economical payment services and allows clients to manage their account simply and efficiently. In addition, the product enables clients to take control of their transaction requirements and the online payments process, to make fast, secure, single or multiple SWIFT payments, globally, at no cost – with a full audit history.”
Elsewhere in the post, Wilkes says that the launch of the platform comes against the backdrop of a market dominated for many years by big banks, which is today being disrupted with the advance of information technology, and amidst considerable volatility in the financial markets.
“From my own professional experience, most find the world of foreign exchange confusing and complicated, so it’s no surprise the banks have been able to get away with high commissions on FX rates while delivering such an inefficient and poor quality service for so long. We’ve got big dreams at Point, and edgeFX is one of our first steps towards creating a fairer and more efficient client experience – for everyone, from private clients to international businesses,” he comments.