Member of the Week - Fexco
For over 25 years, Fexco has been providing innovative payment solutions backed by unrivalled customer support to businesses with global payment requirements. They provide bespoke fintech solutions to businesses (SME to large corporates) as well as providing a service for private individuals, seeking to minimise risk and maximise efficiency in international payment processes. Their FX solution helps to mitigate the risk of currency fluctuation and includes spot and forward contracts to protect profit margins.
Fexco Corporate Payments has a local office in Edinburgh from where they will support chamber members with their international payments and are offering all chamber members free fee transactions for the rest of 2019.
We spoke to David Lamb, UK Branch Manager and Head of Dealing. David spent 24 years working with Royal Bank of Scotland, the majority in the Treasury Division. He then worked with spot and forward foreign exchange and money markets on a client focused basis before moving to inter-bank spot FX trading and inter-bank sales. David then Joined Xchange Business, latterly No1 Currency, in 2006 to manage a team of customer facing FX specialists where they have built up a strong and varied client base over the years providing expert market insight and low-cost payments services. Now owned by Fexco since 2012, their customer focus, consultative approach and attention to detail continues to support a wide range of clients and sectors from private individuals, one-man limited companies and SMEs through large corporates.
Fexco wanted to take Advantage of this member of the week promotion as they believe that Fexco Corporate Payments can help Inverness chamber members to deal with volatile market conditions, reduce their currency exposure and cut costs while working with a trusted well established supplier to process their international payments.
Fexco aims to make international money transfer easy for chamber members by empowering them to make global payments swiftly at pre-defined rates and with transparent pricing. Its online platform, PayDirect, offers a rich user interface that provides SME-focused tools, reports and functionality to support existing processes/workflows.
Through its network of leading international banking partners, Fexco realises Straight Through Processing rates of 99% for its payments against the industry standard of 95%. This provides a faster payment service to clients who can avail of Fexco’s extensive network of bank accounts to trade in 180 currencies to over 165 countries globally.
Fexco provides a facility to manage receivables for clients in the export sector. We will also currently developing a new supplier on-boarding facility which will save clients time with their supplier management and compliance requirements.
David told ICC about their business plans for over the 12 months: “The payments environment is constantly changing due to new payment regulations and compliance requirements. Because of its investment in technology and innovation, Fexco easily adapts to these changes and continues to provide a straight through processing service to its clients – saving them time and money while ensuring they can expand their business to new markets.
During 2020, a Supplier On-boarding facility will be available to our clients, this facility will cut down on the amount of time companies spend contacting suppliers for various items of information.”
David told us about Fexco’s awards:
- Fexco won the Employer of the Year and Finance Team of the Year categories at the 2019 Irish Accountancy awards. More here
- Awarded the Employer of Choice at the European Women Payments Network (EWPN) annual awards held recently in Amsterdam. More here
- Deloitte Best Managed Company 2019. More here
- Great Place To Work awards Fexco was recognised as one of the Best Large Workplaces 2019. More here
- ISO 27001, in October 2016, Fexco Corporate Payments became the first Irish payments provider to achieve ISO 27001 Certification. More here
We asked David he values most about ICC membership: “The networking opportunities and the opportunity to help members manage their international payment requirements.”
David provided his top-tip for other chamber members to maximise their membership: “Attend events and maximise the opportunity to get to know other members, these events are an opportunity to share knowledge and experience. Use a reliable provider for international money transfers.”