International money transfer company Send Payments has secured a partnership with BankVic to facilitate its foreign-exchange transactions, marking a milestone for the Gold Coast-based company in the banking sector.
The agreement builds on the Gold Coast-based company’s partnership with Woolworth Team Bank and comes on the heels of an agreement last year with listed property settlements group PEXA Group (ASX: PXA) to handle offshore fund transfers for its customers.
The latest agreement is part of a broader plan for Send Payments to partner with financial institutions.
Send Payments, which was founded by Paul Billing, Alexandra Rofe and Ian Cragg in 2019, says the BankVic partnership will leverage Send Payments’ expertise to manage the financial institution’s end-to-end foreign exchange payment processes for members, which is dominated by employees within the police, health and emergency services.
BankVic is a member-owned mutual bank established by the police in 1974 to improve the financial wellbeing of Victoria Police and their families. It has since grown to service more than 110,000 members.
The partnership between Send Payments and BankVic is expected to drive efficiencies for BankVic, as well as reduce operational complexities and enhance overall member experience.
Send Payments says with a shared vision of simplifying global transactions, the collaboration sets the stage for the company to secure additional deals with other financial institutions to handle their foreign-exchange payments.
“This partnership not only validates Send Payments' capabilities but also highlights our dedication to delivering unmatched foreign exchange solutions for financial institutions,” says Billing, the CEO of Send Payments.
“With our years of expertise, we are able to allow BankVic to focus on their core service whilst we continue to set new standards for excellence in managing foreign exchange payments for their members."
Send Payments is a non-bank, high volume international payments and foreign-exchange specialist that assists businesses and their clients with cross-border transactions to and from Australia.
The company’s edge in providing a lower-cost, more efficient alternative to the traditional international funds transfer services of banks led to the PEXA partnership last year.
“This partnership reflects BankVic’s commitment to putting our members’ user experience at the forefront of our digital journey, ensuring their global transactions are executed seamlessly and securely,” says BankVic CEO Anthony De Fazio.
Send Payments earlier this year wrapped up an $11.5 million Series B funding round, saying at the time that it will use the funds to scale up operations to access a pipeline of large enterprise opportunities in Australia and Europe.
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