Mastercard grants license to FairFX, allowing it to issue prepaid cards

22 December 2017

FairFXFairFX, a London-based foreign exchange company, announced that it has been granted a license from Mastercard, enabling it to issue co-branded prepaid cards across European countries. Providing corporate payment solutions and other financial products to business customers, FairFX made this announcement just a month after it uncovered its plans to introduce current accounts for small businesses.

The license from Mastercard comes within the wider framework of FairFX to move from heavy reliance on third parties to direct cooperation with banks and payment processing companies.

Ian Strafford-Taylor, CEO of FairFX, noted that obtaining a membership in the network of Mastercard represents a significant step forward on the path of the company’s ambitious goals to minimize its reliance on third party providers, while enabling wider choice for business clients. Now FairFX may provide diverse products and solutions using the established environment, which best fits it in terms of cost, flexibility and safety.

Last November FairFX unveiled its intent to launch a current account for corporate customers that will come complete with the card linked to its exchange rate system, enabling cross-border transactions. The move follows the takeover of CardOne, reported earlier this year for the amount of $19.5 million.

Strafford-Taylor explained that the prepaid cards will be of great benefit for businesses helping them manage their expenses with total control of spending and budgets.

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