With this step, CaixaBank becomes one of the first banks in Spain to offer a virtual account service for currencies to all types of companies. The service is available in June 2023 in pilot mode for a select group of companies and, starting in September 2023, it will be available to all interested customers. The service is accessed via CaixaBank's website and app, which will feature the FXNow currency market platform.
The new FXWallets service is bringing to international payments all the advantages and security of traditional accounts, with the added benefits of significant advances in user-friendliness and immediacy. In fact, users can open a wallet in the desired currency with just two clicks and use it right away.
Officials from CaixaBank said the launch of FXWallets is a significant step in the bank's steadfast commitment to innovation, internationalisation, and engagement with their customers and their needs. The development involved a detailed analysis of how they can apply the new advances in usability and customer experience to the universe of currency payments, placing the focus on the customer at all times. As a result, FXWallets joins a constantly evolving digital ecosystem that came into being with the creation of FXNow, which sought to give companies complete control over their currency operations and international payments.
FXWallets is being added as a new feature to CaixaBank FXNow, the CaixaBank platform for managing the sale and purchase of currencies. CaixaBank FXNow has been servicing CaixaBank's business customers in Spain since its creation in 2020. FXNow was also launched in Morocco in 2022 and, via BPI, in Portugal in 2023.
FXNow bases its model on a balance between user-friendliness and professionalism, which lets it address the needs of all types of companies, from small businesses to large corporations. This has translated into year-over-year growth of over 150% in CaixaBank's currency operations via the digital service channel in Spain.
Technology and innovation are crucial for CaixaBank. With more than 11 million users of its digital banking service —one of the largest customer base in the Spanish financial sector— the bank works towards developing new models that are able to meet the requirements and needs of its customers, bringing its products, services, and financial culture closer to all citizens.
As part of its digitisation process, the bank, which has its own technology subsidiary, CaixaBank Tech, and multidisciplinary teams that take innovation to every corner of the organisation, drives projects based on new technologies like cloud computing, artificial intelligence, app development, big data, and more. All these technologies provide its advisers with further and better resources to advise their customers and drive the customisation of the commercial offer, with the aim of improving customer linkage, as well as aiding the development of new financial services and streamlining the decision-making process.
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