iFAST Global Bank Unveils Multi-Currency Business Account with Xero Integration
iFAST Global Bank has announced the launch of its new multi-currency business account, featuring seamless integration with Xero accounting software. This innovative offering is specifically tailored to meet the complex cash management and financial tracking needs of professional services firms, including solicitors, accountants, and property managers.
Multi-Currency Banking Designed for Professional Services
As a licensed UK bank authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority, iFAST Global Bank provides deposits protected up to £120,000 under the Financial Services Compensation Scheme. The Multi-Currency Business Account supports nine major currencies, such as GBP, USD, and HKD, allowing businesses to hold and manage multiple currencies within a single account.
Interest-bearing current accounts offer variable rates of up to 2.65% AER on GBP balances, with fixed-term deposits earning up to 4.15% AER and notice deposit accounts providing just over 3% AER. This eliminates the need for firms to convert currencies solely to earn interest on international payments.
Through a partnership with Standard Chartered Bank, businesses can send funds from their account currencies to recipients in 52 currencies worldwide, simplifying processes like international invoice settlements, client payments, and cross-border obligations.
Seamless Xero Integration for Enhanced Financial Visibility
The integrated Xero accounting software synchronises banking transactions directly with accounting systems, removing the need for manual data entry and reconciliation. This saves valuable administrative time and provides real-time visibility over cash flow and financial performance.
For professional services firms dealing with delayed client payments, multiple trust accounts, or complex billing cycles, this integration is increasingly essential in today's business environment. It helps firms make informed financial decisions by offering up-to-date insights into their operations.
Addressing Financial Inefficiencies in Professional Services
Many professional services firms focus on growth and client acquisition but overlook critical financial inefficiencies, such as idle funds in non-interest-bearing accounts and fragmented tracking systems. These issues can quietly reduce working capital, limit growth opportunities, and create financial pressure, even when a firm appears profitable.
Traditional banking often requires separate accounts for different currencies, manual reconciliation, and offers limited financial visibility, leading to administrative burdens and unnecessary costs. iFAST's solution aims to modernise these processes.
A Modern Banking Solution for Today's Firms
"Professional services firms operate in an increasingly complex financial environment, managing multiple currencies, lengthy payment cycles, and demanding compliance requirements," said Inayat Kashif, CEO at iFAST Global Bank. "Our Multi-Currency Business Account with Xero integration provides these firms with the modern banking infrastructure they need to manage finances more efficiently while earning competitive returns on deposits."
The platform is now available to professional services firms. For more information, interested parties can visit the bank's website or contact the provided email address.
