GAIN Capital, a US-based provider of online trading services, has unveiled plans to launch its new cross-border money transfer business in the second quarter of 2016.
The new venture, which will be known as GAIN Capital Payments, will work under firm’s ForeignExchange.com brand name.
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Following the launch, ForeignExchange.com will serve both retail and business customers with over 40 currency pairs and over 200 payment destinations.
Gain Capital claims that the service will save users an average of 60 – 80% in fees compared to typical bank charges.
GAIN Capital CEO Glenn Stevens said: "The $54 billion cross-border payments industry is undergoing a technological revolution that will provide tremendous opportunities for platforms that can provide lower fees, enhanced technology and a better user experience.
"Similar to the digital transformation of other industries, we expect online services to eventually overtake offline competitors in the international payments space and we believe that GAIN is well positioned for this opportunity."
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