With the launch of Franx, small and medium enterprises (SMEs) that conduct business internationally can now use the digital platform for foreign exchange transactions and international payments.
Franx, a subsidiary of ABN AMRO, offers SME business clients a single multi-currency account with a single IBAN. The participating businesses can use this to pay and receive amounts in 26 currencies. In the Netherlands, there are approximately 50,000 SMEs conducting international business.
Hatim Chebti, executive director of Franx, stated: “Market research shows that many business owners want to handle their own payments on a digital platform, with a minimum of red tape and personal service only if they need it. Because we have fully digitised our services, business clients can manage their affairs quickly, conveniently and cost-efficiently.
“Our initial focus is on Dutch companies, but we have the ambition to expand into other European countries in the near term. Our concept is easily scalable for a further roll-out in Europe.”
By embracing Franx’s platform businesses are able to seamlessly conduct their payments and also hedge their own currency risk. Franx allows its clients to have full control by offering one digital platform where all the payments are transacted through.
Rutger van Nouhuijs, ABN AMRO’s head of corporate & institutional banking, added: “At ABN AMRO, we’re committed to giving our clients the best possible service. Regarding currency transactions, some of our clients are interested in expertise and advice offered by their trusted company bank. We cater to their needs through ABN AMRO. At the same time, there’s a growing group of business clients who prefer digital DIY solutions. As of today, we cater to this group through Franx.”
Currently, the Franx platform is the only party in the market offering SMEs a single account with a single IBAN number for sending and receiving payments in multiple currencies.