BoI en­ters US pay­ments al­liance

The Irish Times - Business - - BUSINESS NEWS - JOE BREN­NAN

Bank of Ire­land’s global mar­kets unit has signed a deal with Lon­don-based fi­nan­cial technology (fin­tech) com­pany WorldFirst to pro­vide a for­eign ex­change and pay­ments ser­vice for its US cus­tomers.

The com­pany said that the “unique al­liance” will al­low US busi­nesses to make “fast and safe in­ter­na­tional pay­ments with no trans­fer fees”. “As a long-es­tab­lished sup­plier of trea­sury ser­vices across North Amer­ica, we are con­stantly in­no­vat­ing,” said Kevin Twomey, chief ex­ec­u­tive of Bank of Ire­land Global Mar­kets.

Bank of Ire­land said that re­search it com­mis­sioned among US-based small- and medium-sized en­ter­prises (SMEs) high­lights that many are look­ing for more ef­fi­cient and cost-ef­fec­tive ways to make in­te­na­tional pay­ments.

WorldFirst was set up in 2004 and has ex­changed more than $67 bil­lion (€56 bil­lion) since then.

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