CaixaBank will become the first Spanish bank to offer a virtual account service for currencies to all companies through the bank’s currency markets platform, FXNow.
The service will offer virtual accounts to companies in over 50 currency pairs, with zero opening and maintenance costs, to assist with sending and receiving international payments. The service called FXWallets, will feature the typical advantages of traditional bank accounts, in addition to improved user experience and speed.
The bank announced that FXWallets (currently in pilot testing) will be made available to all interested customers from September this year, accessible through the bank’s online site and mobile app.
In a press release on the news, Iñaki Badiola, director of CIB and International Banking at CaixaBank said: “the launch of FXWallets is a very significant step in the bank's steadfast commitment to innovation, internationalisation and engagement with our customers and their needs. The development of the project involved a detailed analysis of how we can apply the new advances in usability and customer experience to the universe of currency payments, placing the focus on the customer at all times.
“As a result, FXWallets is the latest piece to join a constantly evolving digital ecosystem that came into being with the creation of FXNow, which sought to give companies complete control over their currency operations and international payments”.
Earlier this year, CaixaBank made headlines for launching an app which turns phones into POS devices, allowing merchants to take payments, view account history, generate receipts and handle refunds from their phone.