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Payments provider WorldFirst has launched World Account, a platform allowing small businesses and online sellers to open local bank accounts around the world and make international payments.
Presented as an alternative to UK banks’ international business banking services, the platform will be available in the UK and Europe on limited release in Q3 2017, online and through a mobile app, with additional functionality currencies expected to be added later this year.
It aims to help SMEs manage their cross-border payments by opening multi-currency (British pound, euro and US dollar) bank accounts at no cost in the various countries where they do business, therefore reducing foreign exchange expenses.
Jonathan Quin, co-founder and CEO at WorldFirst, says: “Our research shows that over 1.5 million SMEs are trading more than £78bn a month across international borders. This is a significant contribution to the UK economy. It’s time that small and medium-sized businesses enjoyed the same products, price and service that was only previously available to big businesses.”
“Our World Account should solve what is a pain point for many ambitious businesses who buy or sell internationally enabling them to manage their international accounts in one single platform wherever and whenever they want. We think this will be the world’s most flexible financial platform to support a new era of international business.”