CXI Forms Strategic Alliance to Enhance Currency Exchange Services
New Strategic Partnership Enhances Currency Exchange Services
Currency Exchange International, Corp. (“CXI” or the “Company”) has recently entered into a groundbreaking referral agreement with Continental Currency Exchange, Ltd. (“CCE”), a prominent player in Canada’s foreign exchange market. This collaboration is set to change how wholesale banknote customers are served across the country.
Understanding the Referral Agreement
The newly formed partnership will see the Exchange Bank of Canada (“EBC”) refer its wholesale business-to-business (B2B) banknote clientele directly to CCE. This strategic move is poised to create a win-win situation for all parties involved, ensuring a seamless transition for EBC’s clients.
Benefits of the Partnership
Through this referral agreement, customers of EBC—including various financial institutions—will gain access to CCE's extensive suite of foreign exchange services. With 19 branches situated in Ontario, CCE offers digital products, currency conversion services, and various transaction options across more than 120 currencies. The partnership not only strengthens the capabilities of both organizations but also enhances the service offerings available to current and future clients.
Voices from Leadership
Randolph Pinna, CEO of CXI, expressed his enthusiasm about the partnership, stating, "We are pleased and confident that the referral agreement with CCE for EBC’s banknote customers is the best outcome for EBC’s stakeholders as well as CXI shareholders." This sentiment is echoed by Tom Robertson, CEO of CCE, who stated, “We are excited to implement this Referral Agreement and build new relationships with B2B wholesale banknote clients, bolstering our growing retail foreign exchange services business.”
Long-term Outlook for CXI
Looking forward, CXI maintains a positive outlook grounded in its strategic focus on growth within the U.S. market. The Company anticipates additional product development, cost savings, and international expansion avenues that will contribute positively to its financial performance.
Support and Transition During Change
As EBC transitions its operations, they remain dedicated to minimizing disruptions for their customers and stakeholders. CXI acknowledges the hard work and dedication of EBC's team members over the years, committing to support each employee during this period to ensure a smooth transition.
About Currency Exchange International, Corp.
CXI is at the forefront of providing comprehensive foreign exchange technology and processing services for banks and financial institutions, along with consumers, throughout the U.S. and select global markets. Their primary offerings include currency exchanges, wire transfers, and foreign cheque clearing. The Company leverages a unique web-based interface, CXIFX, complemented by dedicated relationship managers to cater to wholesale customers effectively.
About Continental Currency Exchange, Ltd.
CCE stands as a key player in Canada’s foreign exchange sector, providing extensive retail services across Ontario. In addition to traditional currency exchange, CCE offers innovative digital solutions, making international transactions smooth and accessible. Their distinctive Privilege Program ensures customer satisfaction with no service charges on cash transactions and competitive exchange rates.
Frequently Asked Questions
What does the referral agreement entail?
The agreement allows EBC to refer its banknote customers directly to CCE, enhancing service delivery for clients.
How will this partnership benefit customers?
Customers will gain access to a broader range of financial services and products through CCE, improving their banking experience.
What is CXI's long-term growth strategy?
CXI focuses on expanding its operations in the U.S. market, introducing new products and achieving cost savings.
How is CXI supporting its employees during the transition?
CXI is committed to supporting EBC employees throughout the transition process to ensure a respectful and smooth changeover.
Where can I find more information about CXI?
More information about Currency Exchange International, Corp. can be found on their official website at www.cxifx.com.
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