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ING DIRECT partners with OzForex
Wednesday, 14 October 2009
OzForex to provide 'white labelled' retail foreign exchange services to ING DIRECT customers
SYDNEY: 14 October 2009 - Global foreign exchange specialist OzForex today announced a new partnership that will see OzForex provide foreign exchange services to ING DIRECT customers.
The agreement has been formed as part of ING DIRECT's new Orange Everyday account, a transaction bank account that gives customers access to fee free everyday banking. Orange Everyday is a Visa debit card that offers a full range of transactional banking services and access to all ATMs in Australia and Australia Post outlets.
In customer testing one in 10 ING DIRECT customers said they intended to use the new international money transfer service regularly.
Founded in Sydney, OzForex is one of Australia's fastest growing online forex providers, attracting more than 3,500 new customer registrations each month. In the year to June 30 2009, OzForex turned over nearly AUD$5 billion in client forex transactions from around the world, representing nearly 70 per cent growth on the previous year.
As part of the new Orange Everyday account ING DIRECT's 1.4 million customers can sign up to the international money transfer service, which allows individuals to transfer funds through a 24 hour online platform. The service will be white labelled ING DIRECT but powered by OzForex, and will provide integrated access to OzForex's 'high tech, high touch' suite of forex services.
OzForex CEO Neil Helm said the partnership reinforced the trend for financial services institutions to outsource niche services and functions to market leading specialist providers.
"We are delighted to partner with one of the world's most progressive financial services brands," Mr Helm said.
"With globalisation, the need for people to transfer money overseas is becoming an everyday event used by individuals and companies around the world. Our white label capabilities allow financial services providers both here and overseas to offer their customers a completely new way to manage their forex transactions - all through a simple and smart online platform under their own brand."
ING DIRECT CEO Don Koch said ING DIRECT chose OzForex following a competitive tender process, which aimed to identify a fit with the ING DIRECT ethos.
"We see OzForex as a natural partner for ING DIRECT. The exchange specialist mirrors our principles through its world leading technology, high standards of customer service and competitive rates. We are very excited to add their proven sophisticated foreign exchange service to the suite of benefits provided through our Orange Everyday account," Mr Koch said.
The deal marks the second major financial white label partnership for OzForex in Australia, which already offers foreign exchange services to Macquarie Bank's retail clients and staff.
Mr Helm said additional white label partnerships form a key plank of OzForex's global growth strategy. Markets include the UK in particular, which accounts for 35 per cent of the world's US$4 trillion forex market.
"We are excited about continued discussions with some of the world's most dynamic financial services organisations, which aim to offer a complete package of financial services and products to customers without the cost, specialist skills and time required to develop their own solutions," Mr Helm said.
About OzForex
OzForex was established in Sydney in 1998 and operates out of offices in Sydney, Toronto and London. It deals in more than 50 currencies and serves around 75,000 transacting customers in more than 40 countries around the world. OzForex deals in electronic funds transfer for businesses and individuals who need to transfer funds from one country to another.
OzForex is 51 per cent owned by Macquarie Group which is listed on the Australian Securities Exchange. For further information, please go to www.ozforex.com.au.
About ING DIRECT
ING DIRECT began operating in Australia in 1999. By doing business online, over the phone and through intermediaries, ING DIRECT keeps it overheads low and passes the savings onto customers in the form of competitive rates. Today, it has grown to become Australia's fifth largest retail bank, with around $20 billion in deposits, more than $35 billion in mortgages and more than 1.4 million customers.
Contact
Jessica Richards
On behalf of OzForex
Ph: +61 2 8237 4513
Ph: +61 414 985 237
David Breen
Head of Public Relations
ING DIRECT
Ph: +61 9028 4347
Ph: +61 412 933 060
Susie Lambert
Honner Media
Ph: +61 2 8248 3747
Ph: +61 420 949 852