Cornerstone Brands to Buy FXPress Payments Services
- The approval for the deal is now pending with the regulator.
Cornerstone Brands, has confirmed the acquisition of FXPress Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Services Ltd, a payments platform-as-a-service provider for SMEs, as it received a green light from its shareholders today.
As detailed by the company, 99 percent of Cornerstone shareholders approved on the acquisition and it is now awaiting approval from the United Kingdom’s Financial Conduct Authority (FCA) to complete the process.
The press release shared with Finance Magnates detailed that upon receiving the regulatory approval, Cornerstone will purchase the entire issued share capital of FXPress with the issuance of 1,401,275,638 new A Ordinary shares.
FXPress is a foreign exchange (forex) specialist. The company’s proprietary payment services platform, which has been designed to take advantage of the Open Banking Initiative (OBI), can integrate into corporate accounting systems and bank accounts to optimize transactions.
A Strategic Acquisition Deal
Following the acquisition, Cornerstone will focus on building a significant business in the provision of international payment services for SMEs via organic and inorganic growth.
This announcement came only a couple of weeks after FXPress acquired Avila House Limited, a licensed small electronic money institution. Thus, it is expanding its multi-currency services further.
Earlier reports also hinted that the FX payments company was eying to go public this year, but nothing has been confirmed yet.
Following the completion of the Cornerstone-FXPress deal, the parent company will restructure by selling its existing business to Oliver Bridge Bridge The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service its clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Metat The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service its clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Metat Read this Term and Spencer Hill.
The announcement also stated that “the Directors of the Company believe that there are meaningful opportunities to build the business by developing a broader range of products and services based around a portfolio of technology-enabled international payment services, including allowing customers to maintain their own multi-currency electronic payment accounts.”
Cornerstone Brands, has confirmed the acquisition of FXPress Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Services Ltd, a payments platform-as-a-service provider for SMEs, as it received a green light from its shareholders today.
As detailed by the company, 99 percent of Cornerstone shareholders approved on the acquisition and it is now awaiting approval from the United Kingdom’s Financial Conduct Authority (FCA) to complete the process.
The press release shared with Finance Magnates detailed that upon receiving the regulatory approval, Cornerstone will purchase the entire issued share capital of FXPress with the issuance of 1,401,275,638 new A Ordinary shares.
FXPress is a foreign exchange (forex) specialist. The company’s proprietary payment services platform, which has been designed to take advantage of the Open Banking Initiative (OBI), can integrate into corporate accounting systems and bank accounts to optimize transactions.
A Strategic Acquisition Deal
Following the acquisition, Cornerstone will focus on building a significant business in the provision of international payment services for SMEs via organic and inorganic growth.
This announcement came only a couple of weeks after FXPress acquired Avila House Limited, a licensed small electronic money institution. Thus, it is expanding its multi-currency services further.
Earlier reports also hinted that the FX payments company was eying to go public this year, but nothing has been confirmed yet.
Following the completion of the Cornerstone-FXPress deal, the parent company will restructure by selling its existing business to Oliver Bridge Bridge The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service its clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Metat The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service its clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Metat Read this Term and Spencer Hill.
The announcement also stated that “the Directors of the Company believe that there are meaningful opportunities to build the business by developing a broader range of products and services based around a portfolio of technology-enabled international payment services, including allowing customers to maintain their own multi-currency electronic payment accounts.”