Currency Company Lays Down Gauntlet With New Software
An online foreign exchange company aimed at small and medium sized UK import export businesses is using software to challenge other currency firms to be open and transparent about their foreign exchange prices.
4X Currency Corporation, which was the first FX specialist to offer live streaming rates to businesses and individuals in 2006, has launched two new pieces of software which it believes are the first of their kind in the world. They allow users to see its dealing rates in live time and compare them with any other FX provider.
The tool also lets users go back up to three months to compare deals that were done with banks or other currency companies in the past and see whether 4X could have made them a saving.
Specialist FX companies typically only show interbank rates on their website currency converters, which give an indication of where the market is but don’t tell customers what rate they can actually get.
4X is able to show dealing rates on its converter because it uses a ‘what you see is what you get’ standard pricing policy for all customers. There are no additional fees.
4X’s managing director, Helen Scott, says ‘We believe that businesses and consumers should be able to shop around and compare currency rates in the same way as any other commodity. Yet this is practically impossible as banks and currency companies don’t display their dealing rates. We are very open and transparent about our dealing rates and challenge other companies to be the same.’