Digital banking extended to Apex – The Royal Gazette


Created: August 09, 2022 07:52

Apex Group Ltd, the Bermuda-based global financial services provider, has extended its digital banking services to provide an agile and responsive solution for institutional clients provided by subsidiary European Depositary Bank.

As business demand for digital banking continues to grow post-pandemic, this secure and accessible platform delivers greater efficiency, introduces technologies and processes to reduce human error, and cost and time associated with traditional banking, Apex said.

EDB’s digital banking platform offers a tailored solution for asset managers and SPVs, family offices, corporations, trusts and ultra-high net worth individuals, delivering greater efficiency in terms of time, resources and costs through a 24/7 secure platform for instant access.

Clients can now simply and efficiently open multi-currency accounts and manage day-to-day transactions including global payments, currency requirements and cash management through automated money market swipes from an online dashboard unique.

Apex said this pioneering digital banking offering addresses common challenges and pain points faced by institutional banking customers by providing expanded functionality and range of services, including:

• Fast and easy bank account integration and opening;

• Visibility and transparency of the account via an accessible dashboard;

• Two-factor authentication to improve the security of all customers;

• Customized payment approval processes, including multiple approval levels and limits;

•Multi-currency account including cash balances in 18 major currencies, the ability to perform spot foreign exchange transactions and the ability to make external payments in 33 currencies;

• Flexible real-time payments in multiple currencies using a preferred payment system such as SWIFT, SEPA, ACH or Faster Payments; and

• Automated scans of money market funds in three major currencies to enable clients to enhance returns on their investments.

EDB, a subsidiary of Apex Group, will provide these services drawing on its extensive experience as a leading provider of custody, custody and banking services for institutional investors, asset managers, family offices and corporates. .

Peter Hughes, Founder and CEO of Apex Group, said: “We believe expanding our digital banking offering will be a game-changer for the industry. EDB’s digital banking is at the heart of Apex’s single-source solution, and these latest enhancements to the platform will enable us to continue to deliver innovative customer solutions that differentiate our offering as a global financial services provider. leading.

Ankit Shah, Head of Digital Banking, Apex Group, added: “During the pandemic, as individuals, we have grown accustomed to the ease and convenience of digital offerings from retail banks, but frustrated with the lack of the same functionality and ease of use when it comes to day-to-day institutional banking.

“We provide a secure, fast and fully digital solution designed specifically to eliminate the inefficiencies that asset managers and financial institutions currently face in their day-to-day banking operations.”

EDB, founded in 1973 in Luxembourg, was acquired by Apex Group Ltd in 2019.

Peter Hughes, Founder and CEO of Apex Group Ltd (photo provided)

Ankit Shah, Head of Digital Banking, Apex Group (Photograph provided)


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