IFX Payments secures FMSB license to introduce ‘ibanq’ to Canada

Rick Steves

ibanq is a multi-currency, virtual IBAN account that’s integrated directly into the IFX Payments foreign exchange services and global payments network.

IFX Payments has secured a Canadian Foreign Money Services Business (FMSB) license, the global financial technology firm announced in a pivotal milestone in its commitment to scaling its operations globally.

This strategic progress stands as proof of IFX Payments’ resolute dedication to providing inventive solutions that enable enterprises to effectively manage the intricacies of global finance.

Introducing ‘ibanq’ in Canada additionally reinforces IFX Payments’ role as a trailblazer in reshaping payment encounters worldwide.

ibanq is a multi-currency, virtual IBAN account

ibanq is a multi-currency, virtual IBAN account that’s integrated directly into the IFX Payments foreign exchange services and global payments network. That means clients can manage, maintain, and distribute funds in up to 38 currencies from one single account.

IFX Payments developed a virtual IBAN solution so that firms can work with global business funds the same way they would with a regular bank account. Virtual IBANs enable businesses to segregate remittance flows with 100% accuracy and without the need for reconciliation via a master account. So you can be confident knowing it’s safe and simple for both you and your customer.

The ‘ibanq’ virtual IBAN solution by IFX Payments has gained recognition for its smooth integration, efficiency, and convenience. Thanks to the Canadian FMSB license acquisition, IFX Payments can now expand the advantages of ‘ibanq’ to Canadian enterprises, streamlining their international transactions and providing a versatile tool to simplify their financial processes.

“Expanding the geographical reach of our services and products”

Will Marwick, CEO of IFX Payments, said: “This license represents our dedication to expanding the geographical reach of our services and products and providing businesses with seamless and transparent digital cash management. Introducing our sophisticated virtual IBAN platform and first class cross-border payment and FX solutions to the Canadian market is an exciting milestone for the company and shows the dedication of the team and wider business in fulfilling our ambitious targets for the coming year.”

IFX Payments is a global fintech trailblazer committed to creating an accessible, friction-free, and comprehensive digital payment experience that alleviates the complexities of handling intricate treasury tasks. This empowers businesses to fully unleash their potential by concentrating on what truly matters.

Operating from offices in London, Warsaw, and Dubai, IFX Payments has a global workforce of over 150 individuals. Primarily, IFX excels in managing payments for diverse corporate entities with extensive demands for cross-border reconciliation and transactions.

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