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CaixaBank Launches Virtual Account FX Service

The new FXWallets service by CaixaBank provides business customers with virtual accounts to send and receive international payments in multiple currencies

CaixaBank Launches Virtual Account FX Service

CaixaBank has rolled out the FXWallets service, added to the CaixaBank FXNow platform for managing the sale and purchase of currencies. It allows companies to instantly open virtual accounts in over 50 currency pairs.

The new feature incurs no opening or maintenance costs. As advertised, users can open a wallet in the desired currency in just two clicks and start using it right away.

As of now, the service is available in pilot mode for select business customers. Starting in September, the service will launch to all interested clients. The wallet can be accessed via CaixaBank’s website and app, which will feature the FXNow currency market platform.

The FX platform has been serving CaixaBank’s business customers in Spain since its creation in 2020. The service also launched in Morocco in 2022 and, via BPI, in Portugal in 2023.

CaixaBank officials believe the launch of FXWallets to be a significant step in the bank’s commitment to innovation, internationalisation and engagement with customer needs. The wallet will join the bank’s constantly evolving digital ecosystem “sought to give companies complete control over their currency operations and international payments”.

As part of its digitisation process, CaixaBank has earlier established its own technology subsidiary, CaixaBank Tech, dealing with innovative technologies like cloud computing, artificial intelligence, app development, big data, and more. Its multidisciplinary teams take innovation to every corner of the organisation.

In April, CaixaBank created an interactive eco-awareness metaverse experience for its customers dedicated to World Earth Day.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.