Apex Group subsidiary EDB launches institutional banking solution

Rick Steves

EDB’s solution enables clients to open multi-currency accounts and manage their day-to-day transactions, including global payments, FX requirements, and cash management through automated money market sweeps from a single online dashboard.

Apex Group has expanded its Digital Banking services for institutional clients delivered by Apex subsidiary European Depositary Bank (EDB).

EDB’s Digital Banking platform offers a tailored solution for Asset Managers and SPVs, Family Offices, Corporates, Trusts and UHNWI, and addresses the common challenges and pain points experienced by institutional banking customers by providing an expanded functionality and range of services including:

  • Quick and easy onboarding and bank account opening;
  • Account visibility and transparency via accessible dashboard;
  • Two-factor authentication to enhance security for all clients;
  • Custom payment approval processes including multiple approval levels and limits;
  • Multi-Currency account including cash balances in 18 major currencies, ability to transact spot FX and ability make external payments in 33 currencies; and
  • Flexible real-time payments in multiple currencies using preferred payment scheme such as SWIFT, SEPA, ACH or Faster Payments;
    Automated money market fund sweeps in three main currencies to enable clients to improve investment returns.

Apex’s EDB offers depositary, custody, and banking services

The Apex Group subsidiary is a specialist provider of Depositary, Custody, and Banking services to Institutional Investors, Asset Managers, Family Offices and Corporates.

EDB’s solution enables clients to open multi-currency accounts and manage their day-to-day transactions, including global payments, FX requirements, and cash management through automated money market sweeps from a single online dashboard.

Peter Hughes, Founder and CEO of Apex Group, said: “We believe the expansion of our Digital Banking offering will be a game-changer for the industry. EDB’s Digital Bank sits at the heart of Apex’s single-source solution, and these latest enhancements to the platform will ensure we continue to provide innovative solutions for clients which differentiate our offering as a leading global financial services provider.”

Ankit Shah, Head of Digital Banking at Apex Group, commented: “Over the course the pandemic, as individuals, we have become more accustomed to the ease and convenience of the digital offerings of retail banks but frustrated by the lack of the same functionality and ease of use when it comes to everyday institutional banking. We are providing a secure, fast and fully digital solution that is designed specifically to eliminate the inefficiencies that asset managers and financial institutions currently face in their day to day banking.”

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