The acquisition of Cornhill, which is currently pending regulatory approval, will strengthen iBanFirst’s value proposition to SMEs by simplifying GBP transfers (particularly post-Brexit), and offer Cornhill clients access to its cross-border technology.
Cornhill’s officials stated that the pandemic has underlined the importance of digitising payment processes and combining strong FX risk management with technological know-how. After considering various options, iBanFirst’s platform and technological expertise appears to be the solution to meet the needs of their clients and the UK market as a whole.
Thanks to iBanFirst, Cornhill clients will benefit from an augmented cross-border experience with features like the Payment Tracker, which lets clients trace payments the same way consumers can track parcels.
Since Brexit, and with the transition period now coming to an end, it is important for UK and EU clients to be able to count on partners who have a foot firmly on both sides of the Channel, as per the press release. The acquisition represents an opportunity for iBanFirst to expand its international footprint and extend its European PSP license to the UK.
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