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haggy

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Dated Dec 12, 2016 

FlashFX announces the launch of a brand new foreign exchange payments solution to improve foreign exchange in Australia. Built on Ripple and using its digital currency XRP for liquidity, FlashFX delivers transparency, near real-time settlement and transactional control to users, while cutting the cost of cross-border payments.

FlashFX is designed to revolutionize the traditionally complex and opaque process of these payments for everyone. It shares Ripple’s vision of the Internet of Value and the idea that making foreign remittances should be as simple as transmitting an email.

Nicolas Steiger, CEO of FlashFX, is looking forward to this future:

“We are excited to be part of the evolution in international payments processing. It’s about time that consumers and businesses saw a meaningful change in how money is sent across borders. The service provides an alternative for Australians who want to send a payment faster and cheaper than banks currently provide.”

FlashFX is the first Australian digital currency business to receive the Australian Financial Services License (AFSL) from the Australian Securities and Investments Commission (ASIC).

According to the Australian Transaction Reports and Analysis Centre (AUSTRAC), Australia processes $50 billion a year in cross-border payments. Competition and cooperation between banks and money service businesses (MSBs) has become more and more important as FX corridors have grown.

FlashFX is leveraging its proprietary infrastructure with other licensed money service businesses in relevant payment corridors. They are actively seeking to expand the ecosystem and facilitate other payment processors becoming Ripple-enabled.

 

 

Edited by tomxcs
quotes around press release
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@haggy @bravo Thanks for sharing your experience. I really like what FlashFX is doing. 

I've been thinking it would be good to hear an update from them on the forum, so I'll take this as the opportunity to ask.

How have things been @Nicolas? Any updates you can share on what's next for FlashFX? Clearly the bridge to the UK is working well. Congrats on some very satisfied customers!

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@haggy@bravo Thanks for this, can you sign up for flash from other countries say within the EU (UK for me) and also can you also use flash to remove funds from Gatehub and is there a limit. As using SEPA sucks, the fees are large, the limits you can send / receive I think are restricted and the time it takes is painful so I think I might have to look into it some more. Thanks for the heads up.

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4 hours ago, Xi195 said:

@haggy @bravo Thanks for sharing your experience. I really like what FlashFX is doing. 

I've been thinking it would be good to hear an update from them on the forum, so I'll take this as the opportunity to ask.

How have things been @Nicolas? Any updates you can share on what's next for FlashFX? Clearly the bridge to the UK is working well. Congrats on some very satisfied customers!

Thanks for all the positive feedback and we're glad that we are able to achieve a better user experience than using a traditional provider. Having received numerous requests from users outside Australia, I should mention this on this forum again. We'd like to help more user to move their funds and deposit their investment $ @ Gatehub, Bitstamp and other exchanges. Unfortunately, we are only licensed as a payments provider to operate in Australia (we should have get our 2nd license in Hong Kong in a few weeks).

Apart from that, we're trying to improve the liquidity and price quality that we can offer with our market makers. There are many other features we're working on, one such would be to have XRP / AUD flashfx liquidity on Gatehub. I know many of the Australian users would welcome that but at the moment its work in progress. 

Please feel free to keep up the engagement, good and bad. We like to hear whats working and whats not working as well as what is missing. 

Thanks everyone.

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4 minutes ago, Nicolas said:

Thanks for all the positive feedback and we're glad that we are able to achieve a better user experience than using a traditional provider. Having received numerous requests from users outside Australia, I should mention this on this forum again. We'd like to help more user to move their funds and deposit their investment $ @ Gatehub, Bitstamp and other exchanges. Unfortunately, we are only licensed as a payments provider to operate in Australia (we should have get our 2nd license in Hong Kong in a few weeks).

Apart from that, we're trying to improve the liquidity and price quality that we can offer with our market makers. There are many other features we're working on, one such would be to have XRP / AUD flashfx liquidity on Gatehub. I know many of the Australian users would welcome that but at the moment its work in progress. 

Please feel free to keep up the engagement, good and bad. We like to hear whats working and whats not working as well as what is missing. 

Thanks everyone.

With that Hong Kong license, you'll be able to operate in Mainland (PRC) as well? Serving RMB?

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4 hours ago, tulo said:

This is great.

I have two questions:

  • How did you deposit money into flash-FX?
  • Why currencies doe flash-FX supports other than gatehub USD?

Hey, we take fiat deposits from any Australian bank accounts. In terms of currencies on Ripple, we're doing EUR and USD gate hub and also soon enabling a direct EUR and USD bitstamp link. We had CAD bluzelle but there is not a lot of demand at the moment. Once we can launch Hong Kong, will have HKD flashfx.

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2 minutes ago, Nicolas said:

Hey, we take fiat deposits from any Australian bank accounts. In terms of currencies on Ripple, we're doing EUR and USD gate hub and also soon enabling a direct EUR and USD bitstamp link. We had CAD bluzelle but there is not a lot of demand at the moment. Once we can launch Hong Kong, will have HKD flashfx.

Oh, so there is still the slow payment from Australian bank to you...isn't it?

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Thanks to all who read my original post and a special thanks to Nicolas for his prompt replies to all the queries, this is the same style of prompt service I experienced throughout the whole process from my first inquiry to Flash FX to the finalization of the transaction---outstanding service !!

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3 minutes ago, tulo said:

Oh, so there is still the slow payment from Australian bank to you...isn't it?

Yes and No. If you use a standard bank-bank transfer then yes, its not great. Later this year, we'll have the new new payment platform enabled which will speed up that process dramatically (locally only). If you use Poli Payment (Australia Post service), then we will process the deposit a lot quicker, i.e. we don't have to wait to clear your deposit. 

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