MTFX partners with Crown Agents Bank to expand access into Africa and other emerging markets
October 5, 2020 – Toronto; New Jersey City: Crown Agents Bank Ltd. today announces that it is joining forces with MTFX Group, a Canadian based foreign exchange and global payment solution provider, to expand the companies access across emerging markets and Africa. This strategic partnership will provide MTFX’s vast client base increased ability for moving money across Africa and access to exotic foreign exchange currencies.
Crown Agents Bank will provide MTFX with reliable liquidity across emerging market currencies, particularly in African markets, to ensure fast, safe, and secure settlement. The bank’s broad access to local correspondent banks, combined with competitive FX pricing across emerging markets, will make it a cost-effective and faster solution for MTFX’s corporate, SME, education sector and Non-Governmental Organization (NGO) clients.
In addition to the FX capabilities, MTFX will also be leveraging Crown Agent Bank’s digital payment rails, delivering payments to MTFX’s client’s beneficiaries locally. MTFX Group is one of the largest foreign exchange and global payment solution providers, spanning across multiple industries in almost every business category.
Crown Agents Bank has been operating across emerging markets for nearly two centuries. It has a growing portfolio of Non-Banking Financial Institution and fintech clients, particularly over the last few years of accelerated digital transformation.
David Bee, Head of Client Coverage and Markets at Crown Agents Bank, says, “Moving money across emerging markets has been our specialism for decades. It is exciting for us to work with technology-led businesses like MTFX and expand their access into our core markets. Our network, FX liquidity and digital payment rails, make us a vital partner for many banks, Non-Bank Financial Institutions, and International Development Organizations. Players such as MTFX who prioritize transparency and value for their clients as much as we do are always desirable partners.”
Arif Harji, Director, Chief Market Strategist, MTFX Group, comments, “Our core focus is providing fast, competitive and secure ways to send money internationally paired with our industry leading 24/7 customer service. Partnering with Crown Agents Bank will bolster our capabilities in emerging markets and enable us to offer more reliable and faster settlement to our clients. Combining their network and liquidity with our world-class online platform means international payments will be even easier.”
MTFX Group is a leading provider of integrated cross-border payments and receivable solutions. As a trusted partner for more than 24 years, MTFX Group delivers innovative solutions and processes billions in payments yearly. MTFX Group offers award-winning capabilities and industry leading technologies in just about every business category. We support our clients with end-to-end multilingual customer support and online payment tracking capabilities that are available 24/7. As a proven payment disruptor, we are flexible and responsive, with offices and applicable licensing and regulatory approval in the United States and Canada.
About Crown Agents Bank:
Crown Agents Bank is a financial service partner of choice for many governments, development organisations and regulated financial services businesses. We act as a preferred payment and FX intermediary facilitating the delivery of money into some of the fastest growing economies in the world. With our help, our customers overcome challenges which can include illiquid FX markets or the complex process of ‘last-mile’ delivery across bank and emerging forms of non-bank payment rails.
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Who can use the MTFX payment service?
Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into.
Personal clients usually use our services to transfer money between their own accounts in two different countries.
Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
Why should I use MTFX and not my own bank?
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands.
We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world.
Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
How do customers send funds to MTFX?
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
How long does it take MTFX to transfer funds?
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.
MTFX is in the process of migrating our online dealing system to a newer version which offers more functionality along with an updated look and feel. While we complete our migration, both versions of our online dealing platform will be accessible.