IFX Payments has strategically pivoted from being an exclusive foreign exchange brokerage firm delivering spot and forward currency contracts, into a BaaS (Banking as a Service) fintech focused on offering frictionless, digital global payment solutions, culminating in the invention of their platform, ibanq.
ibanq gives businesses access to an all-in-one payments solution, which is integrated directly into IFX's foreign exchange and global payments network. Accessed via either an online web-portal or API, the platform is designed for businesses operating in industries with a host of multi-jurisdictional treasury management demands such as currency exposure, varying payment routes and reconciliation issues. Businesses are able to segregate and streamline remittance and collection flows with 100% accuracy by utilising the platform's ability to create flexible and purpose-specific sub-accounts.
ibanq also facilitates instant, low-cost and transparent payments in and out. Within the platform, businesses have access to two key solutions, multi-currency accounts and mass payments.
Multi-currency accounts: IFX's virtual IBAN multi-currency accounts eliminate the need for owning separate foreign currency accounts. With just one account, businesses can send funds from and receive funds to the same account in up to 38 currencies, segregating the funds into individual currency wallets.
Mass payments: Businesses can streamline their large-scale, cross-border payments with our advanced mass payments capabilities. IFX's international liquidity network gives access to over 125 currencies, so businesses can process international payments in bulk without having to open local currency accounts.
The combination of these features creates a seamless, transparent and time-saving digital cash management platform that prioritises security, utilising advanced encryption technologies, access restrictions, and authentication procedures.
IFX is on a mission to build accessible, frictionless and complete digital payment solutions that remove the burden of managing complex treasury processes, giving businesses the tools they need to grow at scale.