Company: IFX Payments
CEO: Will Marwick
Website: https://www.ifxpayments.com/
About IFX Payments
IFX Payments is a global fintech innovator on a mission to build an accessible, frictionless and complete digital payments experience that removes the burden of managing complex treasury processes and empowers businesses to realise their true potential by focusing on the things that really matter. With offices in London, Warsaw and Dubai we have employed 140 people worldwide. Since 2005, we have helped provide bespoke payments & disruptive F.X. technology to manage risk, provide robust advice and deliver effective global payment solutions. At our core, we specialise in managing payments for various corporate businesses with many cross-border reconciliation and payment requirements.
We help businesses manage their currency exposure and improve payments and reconciliation processes through our multi-currency virtual IBAN and bespoke F.X. brokerage services. In January 2020, after years of iteration and refinement, we launched ibanq – the multicurrency virtual IBAN solution designed for corporate clients. Payment and F.X. trading can often be unnecessarily long and complex for businesses, which we’ve tried to eradicate through the launch of this cloud-based technology solution.
Our ibanq solution has five major USPs differentiating the offering from our competitors. First of all, users can have total visibility of payments through bespoke, real-time reporting, audit logs and statement generation. Second, the ibanq provides local routing options avoiding needless delays and charges. There are currently 38 currencies available for collection – an extremely competitive number, and we’re constantly looking at ways to expand our capabilities with a core focus on growth in currency support and geographic expansion. ibanq offers auto-reconciliation functionality through direct SWIFT connectivity and purpose-specific sub-accounts infrastructure. Finally, it also provides instantly downloadable MT103s at zero cost for irrevocable proof of payment. The combination of these features makes the ibanq the ultimate digital cash management platform for businesses globally. While similar platforms are leveraging the virtual IBAN infrastructure, IFX breaks away from the mould by creating a corporate-focused digital treasury management system that offers a host of value-adding functionality to meet clients’ needs.
As it stands, we have over 2,000 corporate clients using the platform across a broad range of industries, and we’re processing £500m of payments and £300m of F.X. volume. Through the platform, the target was to increase IFX revenue by 50%, and it was instead surpassed at 105% across all sales divisions through the new virtual IBAN product launch and refined sales process. Outside of introducing ibanq, we’ve fostered cross-industry partnerships as a powerful tool to build brand awareness and reach new audiences while generating commercial value through sales. More specifically, we orchestrated several sports partnerships, such as Brentford F.C., and Hibernian F.C. These contracts operate with a mutually beneficial commercial opportunity whereby IFX is now actively working with the teams to provide foreign exchange services during the season. Furthermore, we were recognised as a Fintech Power 50 member in 2021 and a British Banking Pioneer Award nominee in the same year.
