Apex launches "game changer" digital banking services

Monday 08 August 2022

Apex Group Ltd has expanded its digital banking services “to provide an agile and responsive solution” for its clients.

The global financial services provider’s new service will be delivered by subsidiary European Depositary Bank (EDB).

“As business demand for digital banking services continues to rise post-pandemic, this secure and accessible platform delivers greater efficiencies, introduces technologies and processes to reduce human error, as well as the cost and time associated with traditional banking,” said Apex. 

EDB’s digital banking platform offers a tailored solution for asset managers and special purpose vehicles, family offices, corporates, trusts and ultra-high-net-worth individuals, delivering greater time, resource and cost efficiencies via a secure 24/7 platform for instant access. 

Pictured: Apex said the expansion of its digital banking service will "provide an agile and responsive solution" for its clients. 

Clients can now simply and efficiently open multi-currency accounts and manage their day-to-day transactions, including global payments, FX requirements and cash management through automated money market sweeps from a single online dashboard.

This pioneering digital banking offering addresses the common challenges and pain points experienced by institutional banking customers by providing an expanded functionality and range of services including:

•  Quick and easy onboarding and bank account opening;

• Account visibility and transparency via accessible dashboard;

• Two-factor authentication to enhance security for all clients;

• Custom payment approval processes including multiple approval levels and limits;

• Multi-Currency account including cash balances in 18 major currencies, ability to transact spot FX and ability make external payments in 33 currencies; and

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

• Automated money market fund sweeps in three main currencies to enable clients to improve investment returns.

Pictured: Head of Digital Banking, Ankit Shah. 

EDB will deliver these services through leveraging extensive experience as a leading provider of depository, custody and banking services to institutional investors, asset managers, family offices and corporates.

Apex Founder and CEO, Peter Hughes, said: “We believe the expansion of our digital banking offering will be a game-changer for the industry. EDB’s digital bank sits at the heart of Apex’s single-source solution, and these latest enhancements to the platform will ensure we continue to provide innovative solutions for clients which differentiate our offering as a leading global financial services provider.”

Head of Digital Banking, Ankit Shah, added: “Over the course the pandemic, as individuals, we have become more accustomed to the ease and convenience of the digital offerings of retail banks but frustrated by the lack of the same functionality and ease of use when it comes to everyday institutional banking. 

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