Member Article

Yorkshire foreign exchange company invests £2 million in new software platform

4X Currency Corporation, the Yorkshire based foreign exchange company, who have recently invested £2 million in new software and is calling for increased competition during British Export Week (7-11 April).

The new platform provides SME’s with exchange rates streamed live to the site and without having to register.

Following recent announcements from the Chancellor during the Budget 2014, which have shown support and encouragement in relation to export and a new banking scheme to promote greater lending to SME’s, the managing director of 4X explains why this still doesn’t go far enough when the foreign exchange sector is dominated by the banks.

With a career spanning 27 years in the finance sector, including previous roles in London and Tokyo, Helen Scott comments: “On the face of it the statements made sounded positive however the truth of the matter is that small and medium sized businesses, especially those new to exporting, are often unaware of how much the banks are actually charging them for foreign exchange deals.

“The reality is that alternatives to the banks will offer these companies better exchange rates, faster payments and simpler processes. We don’t have hidden costs or transfer fees, we simply offer consistent and fair rates to all of our customers irrelevant of their size.”

4X Dealer has been developed over six years to provide a market leading piece of software, which includes a full electronic audit trail that can be exported into accounting systems.

The platform allows businesses to see the real savings that they will make as a result of securing foreign currency through 4X DealerTM.

According to the firm, customers could typically save up to £5,000 on a £100,000 exchange when comparing rates like-for-like against a bank or other financial institution.

Scott concludes: “British Export Week is a great opportunity to shake up the foreign exchange sector and showcase the opportunities for SME’s.

“The international payment sector is dominated by the banks but they are not set up to support smaller businesses with foreign exchange and typically charge them far more than they do larger companies.

“There are some great small to medium sized companies in the UK that could really benefit from export opportunities and with 4X DealerTM we are trying to offer them rates that will put them on a level playing field and allow them to be as competitive as they can be.”

This was posted in Bdaily's Members' News section by Clare Burnett .