The foreign exchange industry has historically been dominated by traditional players who offer rates that haven’t always been customer-friendly. Today, real change is coming to the industry.

Thanks to digital innovation and increased competition in the forex marketplace, the way people research currency management providers has changed significantly. We’re seeing emerging financial institutions and alternative payments providers put the pressure on established industry participants by taking less margin to offer better rates. As a result, tech-savvy organisations that trade across multiple currencies are always hunting for the best rates offered by trustworthy, transparent and reliable suppliers, because of the impact it has on the profitability of international transactions.

Driving Change in FX

What does this mean for the development of the FX industry? Well, foreign exchange isn’t so foreign to customers anymore! The means of moving money has already changed -now it’s all about the offering. The internet has made comparing services extremely simple, forcing the industry to take a truly transparent approach.

We’re seeing real change as a result. WorldFirst has joined forces with Ant Financial to make financial services more accessible, especially for small businesses. For customers, this is set to lead to significant value increases on international transactions and means that WorldFirst is the most logical option over other FX providers.

Our Revolutionary New Pricing

With the launch of a new market-leading pricing scheme set to revolutionise the industry, WorldFirst now offers customers FX rates that are up to 85% cheaper than the banks. Customers will also benefit from free accounts with a fixed spread, simplified tiered pricing with no additional fees, making the movement of money cheaper and easier than ever before.

Our new scheme ensures our customers benefit from complete pricing transparency. The full-service digital global payments platform offers customers a trustworthy and secure way to benefit from the best value for trading in the market. WorldFirst’s commitment to fairness and transparency no matter how large the business will enable customers to access market rates which offer real value, whilst providing certainty on how much they’ll pay, today and tomorrow.

The launch of our new pricing scheme provides a welcome boost to internationally-minded businesses and forms part of WorldFirst’s mission to build the world’s best financial services platform for international trade, powering a sea change in commerce by making the movement of money faster, easier, safer and cheaper. It supports our continued platform strength and reliability, along with how we will continue to reinvest in innovation and initiatives focused on the customer.

Commenting, Jonathan Quin, Chief Executive Officer and Co-Founder at WorldFirst said:

“Our pricing announcement marks the next chapter in our mission to build the world’s best financial services platform for international commerce.

Our relentless focus on improving fairness and transparency for customers will provide a welcome boost to small businesses, ecommerce and marketplace sellers, looking to unlock new markets and seize trading opportunities,  when for too long they have had to operate in a murky pricing environment. Where rates can be completely different one day to the next. We want to ensure those days are behind us, and that going forward rates are predictable and favour the customer.

WorldFirst recently became part of Ant Financial, which shares our vision of bringing greater equal opportunities for small companies by making it easier to do business anywhere. Through their technology portfolio that spans blockchain, AI, security, IoT and computing, Ant has the capability to deliver inclusive financial services to businesses, regardless of their size. Our relationship with Ant means we can continue to push our vision forward with greater capabilities, innovation and ultimately stronger rates for our customers, who will always remain our number one priority.”

For more information about money transfers with WorldFirst, get in touch with our Relationship Management team at enquiries@worldfirst.com.