FXD Capital has launched a Foreign Exchange, Payments and Banking offering to complement its growing suite of cash management products aimed at corporates and institutions.

This innovative approach to money broking, coupled with purpose-built technology, is designed to help clients better manage their currency risk and payments.

Clients will be given access to a platform for monitoring their counterparties, as well as dealing online, where they can manage payments and other administrative tasks. Their portfolio manager will be on hand to keep them up to date with what’s going on in the markets, protecting them from foreign currency fluctuations – particularly useful for larger transactions and market moving events.

FXD Capital MD Bobby Jackson said, “Clients have been seeking our guidance around what to do with maturing currency deposits, so we’ve decided to help them achieve the best from foreign exchange as well. This is a naturally progressive step towards an all-encompassing treasury solution”.

“We’ve built a business that proactively helps businesses be more efficient in managing their cash, liquidity and counterparty risk. They get transparency and with that come competitive rates and an ability to benchmark a range of counterparties against one another to actively measure risk.

“We’ve also recognised the frustration for clients opening transactional bank accounts to make and receive third party payments. Something that would have taken months now takes only a matter of days.”

One client, Hunting plc, engaged FXD Capital to help improve the efficiencies of a surplus cash position that it had been managing for some time, in particular to diversify counterparty risk and achieve better returns.

Hunting Group Treasurer Chris Berris said, “Their coverage and transparency of the market supports our strategy to better manage the risks and take advantage of the opportunities within predefined risk parameters. Having taken the time to understand our requirements, they have become a valued and trusted partner.”

FXD Capital CEO Chris Huddleston added, “Currency fluctuation plays an important part in a business managing its cash and liquidity. Whether it’s operational cash to support the running costs and day-to-day commitments of the business, such as payroll and paying suppliers, or the excess and more strategic cash, businesses seek guidance from FXD Capital to plan and invest for the medium to longer term. Offering this holistic approach to cash management and FX means our portfolio managers can concentrate on their clients’ overall requirements, rather than a specific product.”