Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013

33366

FXPress Payment Services acquires Avila House

RELATED TOPICS​

FXPress Payment Services (FXPress), a fintech payment services company, is to acquire Avila House, a licensed Small Electronic Money Institution (small EMI), subject to receiving appropriate regulatory approvals. The deal gives FXPress customers licensed access to receive and hold client funds in multi-currency accounts, allowing the company to further expand its offering with new products and services. 

FXPress is a foreign exchange specialist that aims to remove the complexity of international payments so that businesses can focus on delivering a great experience for customers. It has developed a proprietary cloud-based payment services platform that will enable seamless integration into corporate accounting systems and bank accounts to optimise transactions. This allows it to provide foreign exchange services to SME clients at prices significantly below that of the mainstream banks. 

The acquisition of Avila House allows FXPress to expand its product and service offering to provide access to accounts where clients can deposit and retain funds for future use. FXPress currently processes GBP600 million worth of foreign exchange transactions per year, the majority of these are specific payments. By integrating Avila House’s payment services, FXPress will be able to allow customers access to multi-currency accounts with individual IBAN numbers to manage cash and further optimise foreign exchange payments. 

The payments processing market is rapidly evolving as a result of European regulatory changes arising from the revised Payment Services Directive (PSD 2). These changes, which are taking place in the UK under the banner of the Open Banking Initiative (OBI), are set to open up the market and increase competition in payment services. FXPress’s proprietary fintech platform has been designed to take advantage of the OBI by accessing payment account data to streamline foreign currency transactions. 

The acquisition of Avila House is to be settled in part cash and part shares. Completion of the purchase is subject to approval by the Financial Conduct Authority, which is expected in the coming weeks.

Jason Conibear, CEO of FXPress, says: “The acquisition of Avila House expands our product and service offering to provide simple, easy to access, efficient and integrated payment services to our SME clients. Now, our clients can have the account their business needs, in the currency they want. This is an exciting step as we build out our modular, highly scalable platform to achieve our goal of making international finance simpler, cheaper and easier to access for all businesses.” 

Latest News

MSCI has launched MSCI AI Portfolio Insights, writing that it combines generative artificial intelligence “GenAI”..
The Capgemini Research Institute’s World Wealth Report 2024, published today, reveals the number of high-net-worth..
New research from cloud security firm Zscaler reports a disconnect between European company confidence in..

Related Articles

Waves
A joint statement from BNP Paribas Asset Management, Federated Hermes Limited, Mirova, Robeco and Storebrand Asset Management has been published, entitled The urgent need for better ocean-related data to make informed investment decisions...
A joint statement from BNP Paribas Asset Management, Federated Hermes Limited, Mirova, Robeco and Storebrand Asset Management has been published,..
Frozen soap bubble
From the end of this month, the UK’s Sustainability Disclosure Requirements (SDR) regime comes into force which the Financial Conduct Authority says has a simple aim: “Financial products that are marketed as sustainable should do as they claim and have the evidence to back it up.”..
From the end of this month, the UK’s Sustainability Disclosure Requirements (SDR) regime comes into force which the Financial Conduct..
Global ESG Investing
On May 15 Florida’s Republican Governor Ron DeSantis signed legislation that furthers his ongoing campaign to oppose the role of climate change and ESG factors in state policymaking...
On May 15 Florida’s Republican Governor Ron DeSantis signed legislation that furthers his ongoing campaign to oppose the role of..
Trends
The trend to buyout among the UK’s smaller defined benefit (DB) schemes continues with a slew of new sub GBP100 million deals announced this month alone...
The trend to buyout among the UK’s smaller defined benefit (DB) schemes continues with a slew of new sub GBP100..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by