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London-based forex service Cornhill has officially joined iBanFirst.
The transaction closed after regulatory approval from the Financial Conduct Authority.
The company said the acquisition represented an opportunity for iBanFirst to expand its international presence and expand its European PSP license into the UK.
iBanFirst accelerates international development
With this transaction, iBanFirst is accelerating its international development in one of the most dynamic foreign exchange markets in the world, the United Kingdom.
In the coming months, existing and prospective Cornhill customers will be able to take advantage of the latest cross-border payments platform, along with a wide range of products and services to protect against currency fluctuations.
Strengthen the position in multi-currency B2B payment services
He announced that «the conclusion of the agreement represents a big step for the group Pierre Antoine Dusollier, CEO, iBanFirst. With the acquisition of Cornhill, iBanFirst will deploy all of its technology assets in the UK to better serve SMEs and streamline GBP transfers. “
Satisfied with the transaction completed too Vivek Savani, CEO, Cornhill Corporationwho stressed that “the approval of the closure by the Financial Conduct Authority (FCA) will allow our clients and partners to benefit from a single, intuitive platform that will help them manage their cross-border transactions and track payments.”
Commenting on the acquisition, Michele Sanson, iBanFirst Regional Director for Italywho adds that for iBanFirst customers, “this acquisition will create a corridor that will facilitate and speed up incoming and outgoing GBP transactions. In Italy this process accounts for a significant share of total payments processed annually, so adding UK local accounts to the platform would allow We continue to provide optimal services to our customers.
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