Yen tops demand at FX Trader among 130 currencies

GROUP CEO of GraceKennedy Limited Don Wehby says the conglomerate has renewed an arrangement with Western Union (WU),ongoing for some five years now, through which it facilitates currency trades.

It follows a release from the American company on Thursday saying its GlobalPay pact with GK Money Services (GKMS) had been upgraded. GK Communications and Sponsorship Manager Yolande Gyles said the new enhancements were on the back end, with WU GlobalPay now being able to issue wire transfers and pay out cash faster than banks.

GK offers access to the services of Western Union’s ‘GlobalPay for FI’ platform through subsidiary GraceKennedy Currency Trading Services, which trades under the FX Trader brand. Wehby said FX Trader’s services will soon be available online.

GlobalPay gives GK access to 130 currencies for trading, but Wehby says the currency most in demand is the yen, which is used to finance purchases largely of automobiles from Japan.

The GlobalPay for FI platform allows FX Trader to process transactions on behalf of its customers using an international payment network that spans more than 200 countries.

Alfred Nader, vice-president of Western Union Business Solutions for the Latin America and Caribbean region, said in the company’s release that by adopting the WU GlobalPay for FI platform, GKMS “becomes the first financial institution in Jamaica with access to 130 currencies” and “the ability to process payments 24 hours a day”.

GraceKennedy, through GKMS, is the exclusive Western Union agent for Jamaica and other Caribbean markets. GKMS’ brands operate in various markets, including Trinidad & Tobago, Guyana, Anguilla, St Kitts and Nevis, St Vincent and the Grenadines, British Virgin Islands, Montserrat, the Cayman Islands, the Turks and Caicos, and The Bahamas. However, FX Trader is only present in Jamaica and Trinidad.