E-banking and international payments group FairFX Group (LON:FFX) has announced the achievement of two further milestones as part of its digital banking strategic plans, with the commencement of self-issuance of Mastercard branded cards and launching a commercial finance capability to its business banking customers.
Self-issuance allows the Group to consider multiple options for issuance of cards across its entire product suite and delivers the stated objective of achieving increasing economies of scale, whilst selectively internalising appropriate parts of the value chain. Developing this facility was made possible through the Group’s e-money license and its principal membership of Mastercard (as announced in December last year).
In addition, the Group has launched a commercial finance capability through a collaboration with Alternative Business Funding, which connects customers with appropriate and properly regulated lenders. The Board believes this is a natural extension of the Group’s comprehensive digital banking offering through the CardOneBanking platform. Customers will be able to access a variety of funding options online, including loans which can be approved in hours rather than days. The provision of this service adds a crucial banking capability and will broaden the appeal of the Group’s offering, whilst improving the ability to add more business customers without taking on any credit risk.
Ian Strafford-Taylor, CEO of FairFX, said:
Achieving the milestones of issuing the first cards under our Mastercard license, and adding a commercial finance capability to our digital Banking suite are important steps forward for the FairFX Group. The successful launch of self-issuance is testament to the Group working as a unified team with the CardOneBanking banking team in Chester, ably led by CEO and Banking Head Adam Rigler, alongside other areas in the Group. Together, these successes tie in with our twin strategies of increasing efficiency whilst adding new products.
Adam Rigler, Head of Banking for FairFX Group and CEO of CardOneBanking added:
Self-issuance enables us to better manage the service levels we can offer to our customers which will further improve customer satisfaction and thereby retention. Furthermore, offering quick and simple access to commercial finance is in response to requests from our current customer base as obtaining funding for SME’s from traditional lenders can be difficult and time consuming.