The story of FX Paymaster.
We founded FX Paymaster in 2015, with a vision to introduce a digital payment solution for businesses. A simple, cost effective and efficient alternative to banks.
How we were founded.
Lyle and I met in 2015 while working for a well know South African bank. We had both run our own forex businesses in the past and had a similar work ethic and energy. We connected pretty much immediately.
At the time, I (Mike) was responsible for bringing in new business while Lyle ran the operational side of the bank’s forex department. Together we were involved in pretty much every aspect of their client’s foreign exchange transactions. We were taking on clients quickly, but there were problems..
Frustrated, we needed to find a better way.
Dealing with the Bank was slow and difficult. A process which should be simple and only take 24 hours would often take up to 5 days through the bank. Our clients needed things to happen quickly and the bank just couldn’t react fast enough. Frustrated, we needed to find a better way. The rest is history.
Taking on banks.
To crack this market, we would have to go head to head with the big banks. A daunting proposition. Our value proposition would need to be crystal clear, clever and innovative.
Using tech to improve efficiency.
From the outset, we wanted to create something bigger than ourselves. Focusing on the products, service and price wouldn’t be enough, after all these things wouldn’t differentiate us from banks.
We needed to build something simple, cost effective and efficient. A client centric fintech solution to transfer money quickly and easily at the best rates in the market.
A smart NEW way to send money internationally.
Today our clients manage and make their foreign exchange payments all online. The process is simple, quick and easy.
There’s no more admin or complicated paperwork and chasing banks and delayed payments is a thing of the past. Our rates and transfer fees are 100% fair and transparent. Our clients have more time and money to put back into growing their businesses.
We’d call that a result and the best part is, we’re just getting started!!!
