• WorldFirst launches new international payment platform making international banking simpler, faster and cheaper for SMEs let down and underserved  by UK banks
• World Account provides frictionless international banking – complete management of multiple local currency accounts from one easy-to-use platform online or via a new app
• Launch provides UK SMEs with unparalleled ability to open local currency accounts making it easier to operate in overseas markets and boosting global competitiveness

WorldFirst, the leading international payments business, has today announced the launch of its revolutionary new World Account to UK corporate customers, providing a range of international banking services that many SMEs trading overseas find impossible to access through traditional banks.

The platform marks a new era in international banking making the process of managing finances across multiple currencies simpler, faster and cheaper than ever before. For businesses in pursuit of international growth, it provides an innovative solution that supports their global ambitions by reducing the friction and frustration often associated with existing providers.

Open multiple currency accounts quickly and free of charge

Through World Account, businesses – large or small – can quickly open multiple international currency accounts in GBP, EUR, USD and CAD free of charge. All these accounts can then be accessed and managed from one platform or through a brand new app using one single sign-on.

World Account brings to an end the countless delays and complexities encountered by businesses trying to open an overseas bank account which often requires proof of residency or evidence of a local company entity, making the process long and often impossible.

Helping businesses save time and money with no hidden fees 

With World Account there are also no hidden fees to send international payments or receive funds from overseas. Businesses will be able to hold balances in multiple currencies at the same time allowing them to manage their funds effectively to reduce foreign-exchange costs.

All clients will benefit from WorldFirst’s great exchange rates when making transfers through the platform and there are no monthly account charges.

Commenting on the news, Jonathan Quin, Co-founder and CEO at WorldFirst said:
“This is a very proud day for WorldFirst as we clearly demonstrate our on-going commitment to bringing business banking into the 21^st Century. The average UK business currently generates £287,000^[1] in revenues from overseas exports, but this would be significantly higher if the financial services system was better equipped to make the process of doing business internationally easier, faster and cheaper. 

“Our clients continually tell us that they are frustrated at how slow, complicated and expensive international banking can be, especially the process of opening overseas accounts. Thankfully the wait is now over for a solution that meets their needs and will enable UK business to compete more effectively in the global economy. 

“This is just the start for the World Account. As our flagship product, we’re investing heavily to add even more functionality and bring on board more currencies with the aim of making it the one stop shop for all businesses’ international banking and finance needs. This is just the beginning.” 

World Account is launching as a free service with no hidden fees or charges on FX transfers or to open or maintain the currency platform. Similarly, there is no maximum on transfer values or deposit limits. Additional functionality and more currency accounts including the Japanese yen, Australian dollar, Singapore dollar, New Zealand dollar and Hong Kong dollar will be supported over the coming months.

To register for a World Account, visit www.worldfirst.com/uk/

Sources: 

1. ‘Thinking Global: The route to UK exporting success’, WorldFirst&Cebr, October 2016

[1]‘Thinking Global: The route to UK exporting success’, WorldFirst&Cebr, October 2016