BoI enters US payments alliance
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.