OFX partners with Link Market Services AU to provide fast and secure international payments to offshore investors
18 September 2019 - OFX Group Limited (OFX) today announced an exclusive strategic partnership with Link Market Services Limited (Link), where OFX will become Link’s preferred partner in Australia for international payments such as dividends and corporate action payments on Link’s Investor Centre platform. This will make it easier and cheaper for offshore investors who hold investments in listed Australian companies that use Link as their register, to transfer their funds internationally. (Partnership).
The Partnership will provide Link with an end-to-end digital cross border payments solution, supported by industry-leading service, that will improve each part of the payment journey from client onboarding to execution and settlement. Investors will benefit from cheaper, simpler and more convenient cross border payments in over 55 currencies and will have access to OFX’s dedicated local and global payment specialists, easy to use, secure online platform and 24/7 customer support.
The service will initially be offered to investors who currently use Link to receive dividends in a cross-border transaction. In some international jurisdictions, OFX will access these investors indirectly via Link corporate clients. All of Link’s Australian clients will have access to OFX’s easy to use online platform and 24/7 customer support through OFX’s global team of dedicated, locally-based payment specialists.
The Partnership will be for an initial term of 5 years and is expected to launch in March 2020. It is expected to generate approximately $5m in annual Fee & Trading Income by FY22, subject to the number of new active clients. The Partnership will be supported by a capital expenditure investment of approximately $2m in FY20, funded by cash.
OFX’s CEO and Managing Director, Skander Malcolm said: “We are delighted to partner with a well-known and trusted company like Link to deliver a payment platform for their international transactions and payments. Our leading digital platform provides competitive pricing, reliable and secure transfers, delivered in most markets in less than a day – all combined with 24/7 phone customer support. Clients can manage their international payments using our digital platforms, save money, with full transparency and knowing their transfers are safe and secure.”
“We are focused on building and delivering on great enterprise partnerships like Link to drive substantial and sustainable growth for OFX. We have strong foundations in the scalability of our systems and excellent risk management combined with a constant focus on a world-class customer experience. We are well-placed to attract and partner with global organisations who want to offer a better international payments option and service to their own customers.”
Link Group’s Corporate Markets (APAC) CEO, Lysa McKenna said: “We are excited to announce Link’s partnership with OFX to provide an integrated, secure and reliable international payments platform which enables investors to transfer returns arising from their investments internationally.
“The partnership is part of our ongoing commitment to continually enhance our offering to our clients and their investors, especially through the use of customer-centric technology. OFX’s commitment to customer service, speed of delivery, savings and global client coverage, were all important deciding factors for us when considering who would be an ideal international payments partner.,” Ms McKenna said.
For all enquiries:
Matthew Gregorowski, Citadel-MAGNUS
+61 422 534 755
OFX has been helping global businesses with their international payments for more than 20 years. With currency experts based in seven major cities globally, award winning technology and 24/7 access to a live customer service team, OFX clients are empowered to transact across borders when, where and how they want. OFX works with businesses and consumers to plan with confidence and enjoy savings.
- Clients can send money to 197 countries using 55 different currencies
- Dedicated local and global currency specialists and 24/7 customer support teams
- Award winning and easy to use digital platform
- 1 million global customers
- AUD $150 billion transferred globally
- Local expertise in offices across the globe including London, San Francisco, Toronto, Hong Kong, Singapore, Sydney and Auckland
- Partners with banks around the world to enable rapid, reliable transfers
- Australian Securities Exchange (ASX) listed
For more information, please visit www.OFX.com
About Link Market Services
Link Market Services is a member of ASX-listed Link Group (ASX: LNK), a leading global administrator of financial ownership data within the pension fund industry and across corporate markets. Underpinned by its investment in technology, people and processes, it delivers comprehensive data and information solutions for companies, large asset owners and trustees across the globe.
Link Group's Corporate Markets division delivers a suite of services that assist organisations globally to meet the obligations that come with the public ownership of their companies or products, as well as managing their interactions with the capital markets. Its integrated range of corporate markets capabilities includes registry, employee share plans, investor relations and stakeholder engagement, company secretarial services and insolvency solutions.
For more information, please visit www.linkmarketservices.com.au