Exchange Bank of Canada Achieves Access to Federal Reserve US Dollar Currency Services Program ...
TORONTO, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Currency Exchange International, Corp. (TSX:CXI) (OTCBB:CURN), a full service foreign exchange technology and services provider, is pleased to announce its wholly-owned subsidiary Exchange Bank of Canada (EBC) has been approved to participate in the Federal Reserve’s Foreign Bank International Cash Services (FBICS) program. Through the FBICS program, EBC will receive access to the Federal Reserve’s International Cash Services (ICS) program.
The FBICS program is designed to permit certain foreign banks that do not have a presence in the United States to open limited-purpose master accounts on the books of the Federal Reserve Bank of New York (FRBNY), and to use those accounts to access Federal Reserve Bank currency services in connection with their international banknote operations.
“We are proud to be a part of the Federal Reserve FBICS program. As part of meeting the program’s eligibility requirements, EBC proved its substantial commitment to the wholesale banknote business and our future involvement in the global wholesale banknote market. EBC having an account on the books of the Federal Reserve Bank of New York for the US dollar program will assist banks and central banks across the globe with end-to-end logistics from EBC, a bank specializing in wholesale banknote exchange,” said Randolph Pinna, Chief Executive Officer of EBC.
Entities approved for participation in the FBICS program receive access to the Federal Reserve’s ICS program, including the ability to place orders for USD banknotes from the FRBNY on a same-day basis, to have USD currency orders fulfilled solely with new USD banknotes (as opposed to previously circulated banknotes), and to receive expedited processing of large-denomination USD banknotes deposited with the FRBNY. For more information about EBC’s access to the FBICS program, please see the FRBNY’s website.
About Currency Exchange International, Corp.
Currency Exchange International provides comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Company-owned retail branches, agent retail branches, and its e-commerce platform order.ceifx.com (“OnlineFX”).
Exchange Bank of Canada, the Company’s wholly-owned Canadian subsidiary based in Toronto, Canada, provides foreign exchange and international payment services in Canada and select international foreign jurisdictions. Customers are served through the use of its proprietary software, www.ebcfx.com (“EBCFX”), related APIs to core banking platforms, and personal relationship managers.
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This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts and statements as to management’s expectations with respect to, among other things, demand and market outlook for wholesale and retail foreign currency exchange products and services, proposed entry into the Canadian financial services industry, future growth, the timing and scale of future business plans, results of operations, performance, and business prospects and opportunities. Forward-looking statements are identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “preliminary”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions.
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