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FairFX hails speedy integration of City Forex platform
Electronic banking and payments firm FairFX Group has successfully migrated its international business into the City Forex platform just 10 weeks after acquiring the business in late February.
The migration of the business means that customers now have access to a seven-year history of their transactions and they can trade their foreign exchange through the platform if they wish to do so.
According to the AIM-listed company, the platform's processing of foreign exchange trades and settlements with "a high degree of automation and efficiency" was a key driver behind the acquisition.
The FairFX international payments business processed over £500m in foreign exchange volume in 2017, and its migration saw the transfer of over 100,000 records.
Ian Strafford-Taylor, chief executive of FairFX, said: "The project to move the FairFX international payments book onto the City Forex platform has been a tremendous team effort. It was a major achievement to complete the migration in only ten weeks from closing the deal, which demonstrates the group's ability to successfully integrate new businesses."
As of 0840 BST, FairFX Group's shares were 1.52% down at 100p.