Knox Payments Inc, a Richmond, Virginia start-up company announced today they were partnering with Gain Capital (NYSE:GCAP) to power payments into the FOREX.com FX trading platform.
This partnership represents a huge win for both companies, as Gain Capital is the largest customer to date for the firm, and they will solve the need following the NFA ban to replace credit cards as a way to move funds into the FOREX.com platform for US-based users.
Earlier this year the National Futures Association (NFA) banned the use of credit cards to fund retail Forex and futures account on grounds that the use of credit cards as a funding source constitutes trading with borrowed money.
Knox provides instant good-funds ACH transfers, this represents the fastest way to move funds from account to account. Knox claims to have better, faster, and safer payments and is building the next generation of ACH powered transactions.