Railsbank to boost RationalFX’s product offering in Europe

By Megha Bhattacharya

Banking-as-a-Service platform Railsbank has teamed up with UK payments and foreign exchange provider RationalFX in a bid to boost the latter’s product offering in Europe. Railsbank now provides ledger and payment services that enable RationalFX’s customers to better control liquidity and have enhanced visibility over their funds. RationalFX continues to focus on building customer-focussed products with support and built-in automation.

Louisa Murray, Railsbank COO, UK and Europe, said, “RationalFX uses the Railsbank platform to add efficiency to their processes which in turn benefits their customers. We are excited to be alongside them as they enter this exciting phase of their development, continuing to attract customers on a global basis and building out their leading product suite and platform.”

The partnership will also see Railsbank and RationalFX collaborate on a regulatory framework that lets RationalFX and Xendpay serve their clients in an uninterrupted fashion post Brexit.

Jigar Shah, Chief Operating Officer at RationalFX, said, “We’re always thinking of ways to provide our clients with a service that feels localised and can be accessed 24/7. This partnership means we can now offer our continental clients localised EUR payment solutions, access to the Single Euro Payments Area (SEPA) and enhanced reconciliation.”

“We’ve acquired a substantial number of European clients this year and this will allow us to provide them with the exact same level of service our UK clients are used to. It will also allow us to incorporate solid controls that ensure we’re always in line with the European authorities’ compliance requirements.”

“We love that Railsbank offers a pure, fully automated API solution and as we expand our services across the globe, we can’t wait to work with them to utilize their growing capabilities in those locations.”

Recently, Railsbank and open finance platform Plaid announced a partnership in a bid to enable any company, or brand, in the UK to embed finance into their customer journey. The companies stated that the collaboration is expected to satisfy increasing demand from companies and brands, both within and outside the financial services industry, who are adding end-user wallets, payments, savings, credit and bank accounts to their platforms and wish to simplify the process.