ABN AMRO subsidiary Franx open for business
By using Franx, businesses can not only execute their payments, but also hedge currency risk.
Starting today, small and medium enterprises that do business internationally can use ABN Amro’s Franx: a new digital platform for foreign exchange transactions and international payments. In the Netherlands, there are around 50,000 SMEs doing business in non-euro countries. Franx supports this growing group of businesses. Franx, a subsidiary of ABN AMRO, offers SME business clients a single multi-currency account with a single IBAN which they can use to pay and receive amounts in 26 currencies. And on top of that, the Franx platform enables them to hedge their own currency risk.
International payments in foreign currencies entail currency risk, but by using Franx, businesses can not only execute their payments, but also hedge this currency risk. Franx is the only party in the market offering businesses a single account with a single IBAN number for making and receiving payments in multiple currencies. All incoming and outgoing payments are routed conveniently through one account. Franx offers one digital platform for all their transactions and payments, giving clients full control.
“Market research shows that many business owners want to handle their own payments on a digital platform, with a minimum of red tape and personal service only if they need it. Because we have fully digitised our services, business clients can manage their affairs quickly, conveniently and cost-efficiently,” says Hatim Chebti, Executive Director of Franx. “Our initial focus is on Dutch companies, but we have the ambition to expand into other European countries in the near term. Our concept is easily scalable for a further roll-out in Europe.”
Franx is ABN AMRO’s third fintech initiative in the past six months. Like New10 and Prospery, Franx is based on a combination of banking and digital expertise. “At ABN AMRO, we’re committed to giving our clients the best possible service. Regarding currency transactions, some of our clients are interested in expertise and advice offered by their trusted company bank. We cater to their needs through ABN AMRO. At the same time, there’s a growing group of business clients who prefer digital DIY solutions. As of today, we cater to this group through Franx,” says Rutger van Nouhuijs, ABN AMRO’s Head of Corporate & Institutional Banking.