- FEXCO is a global leader in International Payments and Transaction Processing
- Wide-ranging collaborative partnership which will facilitate and simplify e-commerce transactions with non-Eurozone countries for users of SOFORT Banking
Kerry and Gauting, 4th February 2013. SOFORT Bank, an e-commerce bank specialising in business companies, has selected leading financial transactions services provider FEXCO as its partner in the provision of cross border online payment transactions. Users of SOFORT Banking will benefit since SOFORT AG’s direct transfer transactions will now be even more universally usable at international level. The partnership with FEXCO will simplify payments between countries with different currencies, such as Great Britain and Germany. In future people will conveniently be able to use their own currencies for SOFORT Banking transactions even if the purchase is being made in a foreign currency.
“Europe is growing ever closer together – only when it comes to payment transactions are we still a long way from an internal market. By partnering with FEXCO, a global leader in financial transactions services, this is an important step for us in the direction of a unified European payment area. Through it we are making it easier for our traders to penetrate markets in countries with different currencies“, explains Dr. Gerrit Seidel, CEO of SOFORT AG and SOFORT Bank.
The system offers many practical advantages. For instance, a British customer can make purchases in a German shop while conveniently paying in his or her own currency, pounds sterling. The German merchant meanwhile receives the sum in euros, with the entire process running automatically in the background. End customers in the eurozone will also benefit from the new functionality, as it means that Europe-wide money transfer remain possible even when the SEPA online banking function is unavailable. “No other direct money transfer procedure in Europe offers a comparable feature. It means SOFORT Banking will become even more universal, and more than just an alternative to e-wallets and credit cards. Rather, it will broaden merchant’s potential customer bases since a lot of people in Europe do not possess credit cards or e-wallets, or are unwilling to use them because of security concerns”, Seidel continues.
In FEXCO, SOFORT Bank has joined forces with a partner who is a leading provider in the transaction processing field. FEXCO Corporate Payments (FCP) enables SOFORT Bank to offer an enhanced cross-border transfer facility to those merchant clients who have a bank account with SOFORT Bank.
“We are greatly looking forward to partnering with SOFORT AG. The company is one of the leading providers in the e-payment area, and together we will be able to grow and improve the efficiency of cross-border Internet merchandise transactions” commented Gerard O´Sullivan, a member of FEXCO’s Executive Management team. “FEXCO Corporate Payments will provide cross border clearing and settlement on behalf of Sofort Bank through our platform and banking partner.”
Surveys reveal that SOFORT Banking is one of the most economical and frequently used of all e-payment methods. The method is used by over 25,000 merchants in eight countries: Germany, Austria, Switzerland, Italy, Netherlands, Belgium, Poland and United Kingdom.
About SOFORT AG and SOFORT Bank
With its payment systems SOFORT Banking/SOFORT Überweisung, Rechnung by SOFORT, SOFORT Lastschrift and the online verification system SOFORT Ident, SOFORT AG offers innovative products for the safe purchase of goods and digital products on the Internet. The company is based in Gauting near Munich, and its product SOFORT Überweisung has made it Germany”s market leader in direct transfer transactions. More than 25,000 eCommerce retailers conduct more than 2.5 million transactions monthly using SOFORT Überweisung. As well as Germany, the service can also be used in Austria, Switzerland, the Netherlands, Belgium, Italy, Poland and the United Kingdom.
SOFORT Bank is a brand of Deutsche Kontor Privatbank AG. Deutsche Kontor Privatbank AG is the bank that manages the assets of the Reimann family of entrepreneurs, and cooperates closely with the Family Office, Reimann Investors Advisory GmbH. As a commercial bank, SOFORT Bank has been offering solutions since 2010, with which eCommerce businesses can optimise their transaction processing.
Established in Ireland in 1981 FEXCO is Ireland’s leading privately owned financial services company, employing over 1700 people across its operations in Europe, the Americas, the Middle East and Asia Pacific. Over its thirty year history, FEXCO has become an internationally recognised specialist provider of Financial Transaction Processing, Foreign Exchange and Outsourcing Services.
Through its commitment to innovation, project delivery and customer service, the company has built an enduring, international network of partners and customers through which it delivers its broad range of products and services. The company is financially strong and is pursuing an ambitious domestic and international growth strategy.
The FEXCO Corporate Payments Division (FCP) is engaged in the business of providing corporate payment services and it is authorised in Ireland under the European Communities (Payments Services) Regulations 2009 as a payment institution. FCP will provide cross border clearing and settlement on behalf of Sofort through its international payments platform, while also providing real time FX conversion during the transaction process.
SOFORT AG press contact: FEXCO press contact:
Thomas Doriath Nuala Buttner (Q4 PR)
Tel: +49 (0)89 / 89 35 63 – 54 Tel: +353 (0)1-479 0362
Fax: +49 (0)89 / 89 39 84 – 29