BCB and GSX partner for Aussie dollars… and beyond
Global fintech GSX Technologies was looking to extend and upgrade its payments services in key growth markets. Thanks to a partnership with BCB Group they have dramatically reduced settlement times and won new business.
“We are a trusted provider of payments services to our clients, and we wanted a partner to match. Working with BCB has allowed us to build on that trust with our clients and deliver even better payments services.”
Anita Luthra, Business Partnerships, GSX Technologies
The Aussie dollar challenge
GSX Technologies specialises in payments solutions focused on FX and remittance solutions. With clients ranging from import/export businesses to online merchants and payroll service providers, GSX is a leading provider of payment services in India, Latin America, Africa and Asia.
It also offers on and off-ramping services for companies using stablecoins.
A key growth opportunity was Australia, a market closely linked to the wider Asia Pacific economy, but one where on and off-ramping into digital assets has historically been a slow process for all providers. BCB’s payment accounts and the expansion of its payment rails into Australia provided the ideal solution.
Partnership provides solutions
BCB Group and GSX have been building an ever-closer relationship, based on mutual respect and trust, since GSX opened its first account (in GBP) with BCB in July last year.
As leading players in their respective markets, the groups both place a high importance on a compliance-first approach – GSX is authorised by India’s Financial Intelligence Unit, while BCB Group is authorised by both UK and French financial regulators.
“Having trust and confidence in your partners is vital in the digital assets market and that trust is the foundation of our relationship with BCB.”
Anita Luthra, Business Partnerships, GSX Technologies
With a partnership already in place, when BCB Group launched its local payments rails in Australia in November last year, GSX was one of the first to sign up for the service.
The partnership brought almost immediate benefits.
Speeding up down under
Settlement time for GSX clients in AUD has been cut by more than 50% down from at least four hours to just two.
The service also helped GSX secure a new client in the region who had been looking for an AUD payment service.
“The whole sequence has been a great example of both GSX and BCB responding to market demand. Our partnership with GSX has widened the network and community of both our businesses and delivered to end-users. GSX is now one of our biggest users of AUD payments.”
James Mckeon, BCB Group.
Following the success in AUD, GSX is opening accounts in Canadian dollars and Yen. GSX is also exploring how Virtual IBANs provided by BCB could enhance the service to clients still further.
“We work really well with BCB and as partners we have developed a real trust and understanding. So, we see this as a continuous conversation between partners, where we understand what is on the BCB product roadmap and see how that can fit into our own growth plans.”
Anita Luthra, Business Partnership, GSX Technologies
