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FairFX completes migration of international payments business to City Forex platform within ten weeks

The group said the platform now gives FairFX payments customers access to a seven-year history of their transactions and also the ability to trade their foreign exchange directly if they prefer

FairFX
FairFX acquired international payments and travel currency services provider City Forex Limited in February

FairFX Group Plc (LON:FFX) says it has successfully migrated its international payments business onto the innovative propriety platform developed by City Forex within ten weeks of the acquisition of the business.

The AIM-listed firm said the migration of its international payments business, which processed over £500mln in foreign exchange volume in 2017, required the transfer of over 100,000 records.

READ: FairFX off to a strong start to 2018, driven by International Payments division

The electronic banking and international payments group said the platform now gives FairFX payments customers access to a seven-year history of their transactions and also the ability to trade their foreign exchange directly on the platform if they prefer.

FairFX acquired international payments and travel currency services provider City Forex Limited in February for £6mln.

Ian Strafford-Taylor, CEO of FairFX, commented: “The project to move the FairFX international payments book onto the City Forex platform has been a tremendous team effort.”

He added: “It was a major achievement to complete the migration in only ten weeks from closing the deal, which demonstrates the group’s ability to successfully integrate new businesses.”

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