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7 November 2007

XYLO, a new name in foreign exchange

The small to medium enterprise market (SME) now has a new no-frills, low-cost foreign exchange (FX) website - XYLO which takes the hassle out of doing business offering real-time currency quotes, enabling immediate execution and low-cost transactions.

The new XYLO website, owned by Westpac, has been developed specifically to enable SMEs and individuals to gain access to competitive wholesale foreign exchange rates with low international payment fees usually reserved for the big end of town.

"XYLO has been developed in response to a growing demand in the SME segment for efficient and low-cost foreign currency transactions," XYLO General Manager Mike D'Silva said.

"We have launched XYLO because we want to provide a convenient and efficient foreign exchange vehicle to support the growth and development of the SME sector with the additional benefit of being backed by the security of a major Australian bank."

XYLO will provide customers currently using niche FX providers, the opportunity to access more competitive rates than they may be receiving today while still being able to use their current transactional bank to fund the transactions.

"XYLO is a specialist FX entity which provides customers with direct access to the wholesale foreign exchange markets, while utilising Westpac's existing payment processing channels. This enables XYLO to offer overseas payment rates which are among the best in the market.

"The SME segment is becoming increasingly sophisticated and knowledgeable about currency markets and XYLO is a new service in the market which enables this customer segment to get on-line, trade in real-time and really take charge of their foreign exchange business," Mr D'Silva concluded.

Key features of the XYLO website include:

• Competitive rates
• Users can hold a bank account with any major Australian trading bank
• Capability to make and receive foreign currency payments
• Transact in both spot and forward foreign exchange
• Real-time currency quotes
• Transactions that can be completed in as little as 60 seconds
• Lower fees – for example XYLO is launching with an introductory rate until February 29 2008, of 99 cents per international payment as opposed to the standard industry rate of up to $30
• XYLO's current standard rate at the completion of this period will be $5 per transaction
• XYLO has a live rates simulator, which will enable customers to view XYLO's competitive rates prior to sign-up
• Provides secure access to the website via the internet from any PC without the requirement for additional software