Cornerstone FS plc, the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, announced today that its primary operating subsidiary, FXPress has been approved by the UK’s Financial Conduct Authority as an Authorised Electronic Money Institution (AEMI).
According to the press release shared with Finance Magnates, the approval is effective from 4 August 2021. Cornerstone highlighted that the new authorization will allow the Group to expand its products and services.
The authorization has upgraded FXPress from its previous status as an Authorized Payment Institution. As an AEMI, the Group can issue electronic money and allow clients to leave money on account, effectively providing them with multi-currency accounts and e-wallet functionality.
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Commenting on the latest announcement, Julian Wheatland, Chief Executive Officer of Cornerstone, said: “The receipt of this full e-Money license by FXPress represents an important milestone for Cornerstone and the achievement of another of the strategic goals that we set out at our IPO. It will enable us to allow customers to hold and retain funds in their multi-currency accounts as well as expand our offering by developing new products and services that leverage the UK’s Open Banking Initiative. We look forward to continuing to build on these strengthened foundations to achieve our aim of delivering transformational growth.”
In June 2021, Cornerstone reported its financial results for the year ended 31 December 2020. The Group posted a spike in revenues and onboarded several new clients in 2020.
Through the latest approval, the Group is planning to develop a broad portfolio of technology-based cross-border payment services. “In addition, this new authorization will enable the Group to develop further products and services that take advantage of the UK’s Open Banking Initiative, which is designed to drive innovation and competition in UK banking services through the secure and transparent sharing of financial information. This supports the Group’s previously stated strategic aim of creating a broad portfolio of technology-enabled cross-border payment and foreign currency services,” Cornerstone added.