Woolworths taps SendFX to power international money transfers

23 July 2020, Written by Business News Australia

Woolworths taps SendFX to power international money transfers

SendFX has been selected by Woolworths's Employees Credit Union to offer members preferential exchange rates and an improved digital offering for international money transfers.

The partnership is not just a win for the Young Entrepreneur Award-winning founders of SendFX Ian Cragg and Paul Billing (pictured), but a boon for the members of the credit union as well.

Co-founded by Gold Coast-based Cragg and Billing last year, SendFX's mission is to create a global banking network that uses cutting-edge blockchain and payment technology, while removing the expensive and complex layers typically associated with international banking.

The platform will be integrated into the credit union's platform to improve its overall digital experience and give members access to the FX platform's no-fee, market leading exchange rates and experts.

"We understand how important it is to have an efficient, convenient and cost-effective global banking platform and I see value in the way Send can increase our financial products and services through their market-leading technology and digital product offering," says Woolworths Employee Credit Union CEO Rod Attrill.

"Handling global payments and understanding an ever-changing market is something we're leaving to the experts and as a multi award-winning company, we know our members are in good hands."

SendFX CEO Billing says the company is best placed to help the Credit Union's members best understand international transfers, market movements, and general currency knowledge.

"It's really exciting to collaborate, both now and into the future, with Rod and the wider Woolworth's Credit Union Team on how we can continually add value for all their members when sending or receiving funds from overseas," says Billing.

"By coming together with another like-minded business such as Woolworth's Credit Union means we can help bring products to market that make all their members' lives easier."

Earlier this year SendFX brought finance industry veteran Jon Sutton onto the company's advisory board.

At the time of his appointment Sutton said his strengths would be as a sounding board to the team as they develop the business at pace, and he looked forward to helping with key customer acquisition, capital raising and new growth opportunities.

Earlier this month payments and digital banking company Novatti (ASX: NOV) announced it had withdrawn from its investment in SendFX.

Under its exit, Novatti received $900,000 in cash representing payment for the buy-back of Novatti's shareholding.

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Business News Australia

Author: Business News Australia





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