Foreign Exchange market set for a shake up

FX veteran and former banker set to change the way the FX market functions for good - and for the better
Feb. 11, 2015 - PRLog -- A former banker and FX professional of more than 20 years has launched a business that he claims has the potential to disrupt the FX market and put an end to companies and individuals being in the dark about their true FX costs, and in many cases, paying far too much.

Matt Richardson has spent most of his working life in Foreign Exchange and his new venture, betterFX, seeks to rectify what he sees as being an illogical and almost perverse relationship between banks and other FX providers, and their customers.

"In all my time working for FX providers, my goals were always to derive the maximum benefit for my firm and their shareholders. That means not always working with the best interests of your clients in mind. With most providers being free to set FX rates wherever they want, and most finance managers not being especially expert in FX, the result is that a very large number of companies are paying over the odds" says Richardson

betterFX turns this situation around, by placing the customer's best interest at the heart of the proposition. Having understood their needs, Richardson's firm uses its deep FX market knowledge to seek out the best all in deal, taking into account price, service, technical requirements and so on.

The business model is blissfully simple - betterFX only generates income by saving the client money, through a percentage of the saving generated. This means that betterFX are 100% motivated to get the very best possible deal for their clients.

"Even though I've long been convinced that a model like this could be successful, I've still been really surprised by the level of interest from companies... and I've also been approached by banks and other FX providers in several countries who want to improve their offering to their clients, but are not really sure how to go about it"

Given the recent (and ongoing) high profile regulatory investigations into FX markets practices, it could be the perfect moment for Matt Richardson's business to hit the right note with clients,

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Tags:fx, Treasury, Forex, Payments, Finance
Industry:Business, Services
Location:London, Greater - England
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Page Updated Last on: Apr 28, 2015

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