TWO GraceKennedy Money Services (GKMS) brands — FX Trader and Western Union Business Solutions — have teamed up to offer customers improved international business payment solutions through a new service in Jamaica called FX Trader Business Solutions.
Richard Blake, sales and trading manager of FX Trader, said his company's decision to establish this additional arm of its foreign exchange business would save customers from losses.
"Traditionally, the US dollar has been king in Jamaica. A lot of trade is done between Jamaica and countries like Japan, China, Brazil, and Germany, with a significant amount of funds being lost in converting money from the Jamaican to the US currency and then to these other currencies. With FX Trader Business Solutions, the money lost in having to convert to these currencies, can be saved by the customer," Blake said.
He said that FX Trader Business Solutions would enable increased efficiency with international payments than that experienced in the past.
"In addition to the breadth of currencies on offer, the new service will give customers the freedom and security to wire payments around the world, often by next business day," Blake said.
He added: "We know all too well that time is money and FX Trader Business Solutions wants to ensure that our customers don't waste either. The Jamaican businessman has enough to worry about. Whether you're paying your suppliers in Asia, Europe or anywhere else around the world, you shouldn't have to worry about payments reaching your suppliers."
Blake contended that FX Trader Business Solutions' support of SME's would enable global competition and economic growth.
"Making international payments can often be a challenge, especially for SMEs that are still too often underserved by financial markets. They are a key component to economic growth which is why improving their access to services and financial products is so important. FX Trader Business Solutions will enable SMEs and also larger entities to make local currency payments around the world, encouraging a faster supply chain and improved cash flow. This in turn will support their efforts to compete on a global scale and help them protect margins against unexpected currency fluctuation, which is especially vital in the current economic climate," he said.
FX Trader Business Solutions offers Jamaican companies, particularly those in the vital small and medium enterprises (SME) sector, the ability to send and receive international payments in over 135 currencies to over 200 countries around the world.