KINGSTON, Jamaica – Two GraceKennedy Money Services (GKMS) brands have teamed up to offer customers improved international business payment solutions.
FX Trader, the foreign exchange place from GraceKennedy Money Services and Western Union Business Solutions, the dedicated business-to-business arm of the Western Union Company (NYSE:WU) have announced a new service in Jamaica: FX Trader Business Solutions.
FX Trader Business Solutions offers Jamaican companies, particularly those in the vital SME sector, the ability to send and receive international payments in over 135 currencies to over 200 countries around the world.
Richard Blake
Sales and Trading Manager of FX Trader, Richard Blake explains his company’s decision to establish this additional arm of its foreign exchange business. “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 USD 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”.
He commented that FX Trader Business Solutions will enable international payments with increased efficiency than 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 continues; “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 business man 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.”
“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” concludes Blake.
