Reports in Electronic Payments International said ABN AMRO has launched its subsidiary Franx, a platform that provides SMBs with a multi-currency account and single IBAN to facilitate global transactions. The solution can currently support payments sent and received in 26 currencies, reports said.
The company said it will initially focus on companies in the Netherlands, in which 50,000 small and medium-sized businesses are operating internationally.
In addition to facilitating cross-border payments, the Franx platform provides FX hedging solutions.
According to ABN AMRO, Franx is part of the bank’s broader ambitions to support corporate needs for self-service tools.
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