Online trading services provider Gain Capital Holdings Inc (NYSE:GCAP) today unveiled its plans to launch a new international money transfer business.
The new venture, named GAIN Capital Payments Ltd., will operate under the ForeignExchange.com brand name. Apparently GAIN Capital has owned and parked the foreignexchange.com website url for 15 years. The company’s main retail forex trading business runs under the Forex.com brand and url, and until now foreignexchange.com had just linked to Forex.com.
ForeignExchange.com will offer services to both retail and business customers. The offering will include over than 40 currency pairs and the service will cover more than 200 payment destinations. The company expects that the new service will save users an average of 60 – 80% in fees when compared to typical bank pricing.
GAIN Capital plans to launch the service in the U.K. starting in the second quarter of this year.
Glenn Stevens, CEO of GAIN Capital, says,
“The $54 billion cross-border payments industry is undergoing a technological revolution that will provide tremendous opportunities for platforms that can provide lower fees, enhanced technology and a better user experience. Similar to the digital transformation of other industries, we expect online services to eventually overtake offline competitors in the international payments space and we believe that GAIN is well positioned for this opportunity.”
“Our expansion into the international money transfer space is a natural extension for our business. GAIN was a pioneer in the retail foreign exchange trading market, offering one of the first online FX trading platforms for self-directed retail customers via our award-winning FOREX.com brand,” continued Mr. Stevens.
“We have a unique advantage in that we have deep knowledge of the foreign exchange market, over 15 years of experience operating a highly regulated business that deals every day with cross border funding and, of course, our expertise in digital marketing and in developing and supporting web-based products and services. We expect to be able to leverage this experience to create a very competitive proposition for ForeignExchange.com.”
The full announcement from GAIN can be viewed by clicking here.