Global fintech IFX Payments has secured a Canadian Foreign Money Services Business (FMSB) licence as it continues its worldwide expansion. The newly secured licence further advances the fintech’s commitment to scale its operations globally.

As outlined in the official press release, by leveraging its FMSB licence, the company plans to extend its ibanq virtual IBAN solution to Canadian businesses, in a bid to enable them to optimise their operations and facilitate cross-border transactions. Strategy-wise, this is part of a larger effort from IFX Payments, as the company reportedly seeks to cater to the needs of companies that navigate the complexities of international finance. To address this pain point, IFX Payments plans to further extend its ibanq, cross-border payments, and FX solutions.

IFX Payments’ offering and past developments IFX Payments is a global fintech that aims to build a complete digital payments experience for businesses that removes the need to manage complex treasury processes. When it comes to its core solution, the company specialises in managing payments for various corporate businesses with cross-border reconciliation and payment requirements. The fintech’s approach to payment solutions reportedly banks on concepts such as automation, linear scalability, and transparency.

More precisely, in terms of its payment capabilities, IFX Payments provides mass payments via its international liquidity network with access to over 100 currencies in more than 120 countries. As an Authorised Electronic Money Institution (EMI) regulated by the Financial Conduct Authority (FCA), IFX Payments also offers BaaS solutions, via both modern API-driven and web-based platforms. ibanq, one of the fintech’s main offerings, is a multi-currency, virtual IBAN account that is integrated into the company’s foreign exchange services and global payments network.

As a result of this integration, IFX Payments’ clients have the option to manage, maintain, and distribute funds in up to 38 currencies from one single account. Features-wise, ibanq includes a series of functionalities such as local routes, real-time reporting, statements, and audit logs, instant proof of payment, and auto-reconciliation, among others. Earlier in 2023, the fintech announced that it became AFC Bournemouth’s official money transfer partner for the next three years.

As part of this partnership, the company revealed its new position as one of the founding partners of The Net, the free-to-join business arm of the club. .