Bank of Ireland, WorldFirst deliver world payments to U.S. SMBs

As more small and midsize U.S. businesses enter global markets, the search for cost-effective international payments is a pivotal concern. Through an alliance between international money transfer and exchange services provider WorldFirst USA Inc. and Bank of Ireland Global Markets, a new service has been created that allows U.S. businesses to make fast, secure international payments without the transfer fees that are typically assessed.

"Our research has clearly shown that U.S.-based companies have a strong appetite for a fast, secure, easy and efficient alternative to their traditional solution for international payments," said Darsh Mariyappa, Head of Bank of Ireland Global Markets U.S. "Bank of Ireland's new service with WorldFirst will ensure that business customers have access to a seamless interface that offers great rates, no transfer fees and is powered by a platform that customers can trust."

International payments expert Caroline Hometh, Managing Director for Rocketpay Group, acknowledged the importance of global collaboration in payments innovation. "Market research conducted by the Rocketpay Group confirms that improving the ease and speed of payments by leveraging a foreign exchange solution will further increase already significant growth of cross-border payments," she said.

Simple to use

The new Bank of Ireland Global Payments service delivers a three-step process for making international funds transfers online, over the phone or by smartphone. To execute a regular money transfer, once an account is set up, business customers can book a rate as quoted, send a specified amount to WorldFirst by domestic wire transfer or ACH direct debit, at which point WorldFirst will transfer funds to a designated recipient account.

WorldFirst has successfully exchanged more than $67 billion for more than 130,000 businesses and individuals since 2004, according to the company. "This partnership represents a great example of traditional banks innovating to meet their clients' needs by working with FinTech companies," said Alex Arnold, Global Head of Partnerships for WorldFirst. "The FinTech sector has improved the opportunities available to U.S SMEs."

The online product range will include spot contracts, bulk payments, regular transfers and forward contracts. According to Bank of Ireland Global Markets, the services is expected to save business clients anywhere from .25 percent to 4 percent on exchange rates for amounts being transferred. Bank of Ireland has been in existence since 1783. For more information, visit www.boiglobalpayments.com.

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