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Digital banking services expanded at Apex

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

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, Apex said.

EDB’s digital banking platform offers a tailored solution for asset managers and SPVs, 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.

Clients can now simply and efficiently open multicurrency 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.

Apex said 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;

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

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

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

Peter Hughes, founder and CEO, Apex Group, 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.”

Ankit Shah, head of digital banking, Apex Group, 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.”

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

Peter Hughes, Apex Group Ltd founder and CEO (Photograph supplied)
Ankit Shah, head of digital banking, Apex Group (Photograph supplied)

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Published August 09, 2022 at 7:52 am (Updated August 09, 2022 at 7:52 am)

Digital banking services expanded at Apex

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