GAIN Capital Launches Cross-Border Payments Service

GAIN Capital, a global provider of online trading services, has announced its plans to join the cross-border payments market with the launch of its new international money transfer business.

Known as GAIN Capital Payments, the company will operate under the name ForeignExchange.com and will serve both retail and business customers around the world. It will offer services in more than 40 currencies and offer more than 200 payment destinations.

“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,” said Glenn Stevens, CEO of GAIN Capital. “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.”

And according to the company, its money-transfer service is being pitched as a way to save users an average of 60-80 percent in fees when comparing the option to a traditional bank setting.

“Our expansion into the international money transfer space is a natural extension for our business. GAIN was a pioneer in the retail foreign exchange trading market, offering one of the first online FX trading platforms for self-directed retail customers via our award-winning FOREX.com brand,” Stevens said. “We have a unique advantage in that we have deep knowledge of the foreign exchange market, over 15 years of experience operating a highly regulated business that deals every day with cross-border funding and, of course, our expertise in digital marketing and in developing and supporting Web-based products and services. We expect to be able to leverage this experience to create a very competitive proposition for ForeignExchange.com.”

The company will launch the service in the U.K. in the second quarter of the year.