- With World Account, businesses will be able to open local bank accounts around the world with no fees, hold balances, receive incoming and make outgoing local payments all from one platform online or via an app
- New launch comes as research finds 1.5 million UK SMEs make trades over £76 billion every month
- Access to GBP, EUR and USD accounts cuts costs of international business, making it easier to start trading in new territories
- Pre-registration for the World Account opens today here.
We’re really excited to today announce the launch of World Account, an international payments platform for SMEs and online sellers. Created to help businesses overcome the hurdles and costs of buying and selling across borders, the World Account delivers international banking functionality on one easy-to-use platform – minus the cost, hassle and upheaval of traditional international business banking.
World Account cuts costs and time of opening international bank accounts
Many businesses waste time and money trying to open up bank accounts in new currencies These accounts are also often held in the UK resulting in additional cost and delays in payments. The World Account solves that problem.
Research shows UK SMEs are thinking global
New WorldFirst research shows that SMEs are trading £78bn per month far and wide from China to Costa Rica. Launching in 2017, the World Account signals a step-change in international business banking as the UK’s FinTech industry continues to provide solutions for underserved SMEs.
First of its kind
World Account is the first service to offer SMEs and online sellers the same flexibility and control in international banking that is normally reserved for larger, multinational players.
Commenting on the launch, Jonathan Quin, Co-founder and CEO at WorldFirst said:
“We’re very excited to be launching our World Account, the first multi-currency international payments platform for businesses. Our research shows that over 1.5 million SMEs are trading more than £76 billion a month across international borders. This is a significant contribution to the UK economy. It’s time that small and medium-sized businesses enjoyed the same products, price and service that was only previously available to big businesses.”
“Our World Account will solve what is a pain point for many ambitious businesses who buy or sell internationally enabling them to manage their international accounts in one single platform wherever and whenever they want. We think this will be the world’s most flexible financial platform to support a new era of international business.”
There is no cost to open or maintain accounts and businesses can also save money by reducing the number of foreign exchange transactions needed.
The new platform will be available to businesses and online sellers in the UK and Europe on limited release throughout summer 2017 both online and through a newly launched mobile app. Additional functionality and more currency accounts will also be added later this year. Ahead of launch, businesses can register their interest from today here: www.worldfirst.com/uk/products-services/multi-currency-accounts/ and will receive preferential access.
 Global Trade Barometer by World First, May 2017