CXI Expands Straight-Through-Processing of International Payments Solutions For Financial Institutions
July 29, 2019 Toronto, Ontario – Currency Exchange International, Corp. (TSX:CXI) (OTCBB:CURN), a full service foreign exchange technology and services provider, is pleased to announce a new international payments integration with WireXchange®, a wire transfer solution from financial services technology provider Fiserv. The integration provides financial institutions enhanced automation through an efficient end-to-end payment process supported by an experienced, foreign exchange specialist. The integration has officially launched and is now available to financial institutions in the United States.
Financial institutions are now able to streamline their international payments process through WireXchange, while benefiting from CXI’s world-class customer service, pricing, and full suite of foreign exchange solutions. The integration into WireXchange helps financial institutions deliver the necessary competitive advantage of speed and service through operational efficiencies during a time when the digital payments industry is evolving to embrace such ideals.
"Several of CXI’s existing financial institution customers for foreign banknotes and cheques are using WireXchange, and have expressed interest in doing international wire payments with CXI now that it has completed its integration with Fiserv. Additionally, we understand there are many other banks dealing with the unique challenges presented by managing their various international payment programs. With CXI’s leading technology and customer service, it makes it compelling for banks to switch to CXI to benefit from its consultative and customized customer relationship process," said Randolph Pinna, Chief Executive Officer of CXI.
Financial institutions have traditionally provided foreign exchange and international services through multiple bank relationships that also compete for the same business within their markets. CXI enables financial institutions to have all of their international services with one provider that does not compete with the financial institution for their clients and creates client-focused relationships with a suite of offerings including foreign currency banknotes, foreign cheque clearing, and international payments. The relationship between CXI and Fiserv facilitates a seamless and automated international payments processing that is available to more financial institutions than ever before.
About Currency Exchange International, Corp.
The Company is in the business of providing a range of foreign exchange technology and processing services in North America. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, purchase and sale of foreign bank drafts and international travelers’ cheques, and foreign cheque clearing. Related services include the licensing of proprietary FX software applications delivered on its web-based interface, www.ceifx.com (“CEIFX”), and licensing retail foreign currency operations to select companies in agreed locations.
The Company’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services in Canada through the use of its proprietary software – www.ebcfx.com.
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and deliver financial services experiences in step with the way people live and work today. For 35 years, Fiserv has been a trusted leader in financial services technology, helping clients achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and insights and optimization. Fiserv is a member of the FORTUNE®500 and has been named among the FORTUNE Magazine World's Most Admired Companies® for six consecutive years, recognized for strength of business model, people management, social responsibility and innovation leadership. Visit fiserv.com and follow on social media for more information and the latest company news.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts and statements as to management’s expectations with respect to, among other things, demand and market outlook for wholesale and retail foreign currency exchange products and services, future growth, the timing and scale of future business plans, results of operations, performance, and business prospects and opportunities. Forward-looking statements are identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “preliminary”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions.
Forward-looking information is based on the opinions and estimates of management at the date such information is provided, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties and assumptions that could cause the Company’s actual results, performance or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the competitive nature of the foreign exchange industry, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company’s proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, global economic deterioration negatively impacting tourism, and volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, as well as the factors identified throughout this press release and in the section entitled “Risks Factors” of the Company’s Management’s Discussion and Analysis for Year Ended October 31, 2018. The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented), and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
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