Trust Payments Announces Expansion of Its Retail Forex Business in Cyprus

• Trust Payments confirms expansion in Cyprus.

• The global payments group wants to accelerate its FX business on the island.

On January 26, Trust Payments, a global unified payments group for global pay-in, pay-out and customer journey technologies, announced the launch of its office in Cyprus. The opening of the new office is important as it would enable the company to accelerate its continued growth and build on its extensive list of forex customers and partners. The London-based payment company said that local staff in Cyprus will assist in providing customer service and operational support teams to drive unique end-to-end solutions in the foreign exchange sector.

Trust Payments stated that it will use its new office in Cyprus to accelerate the creation of a US and EU payment ecosystem. The firm‘s decision to expand financial services solutions to the island was based on the company’s strategy to meet more foreign exchange clients individually and develop better business relationships towards its global reach. Apart from that, the new office in Cyprus will provide forex merchants with easy access to pay-out and pay-in solutions for users who trade on any forex platform. The trading platform powered by Trust Payments will facilitate local payments and ensure that Cyprus merchants get settlements rapidly and securely. Such services will enable local merchants to easily set up and execute any EEA, EU and US forex brokerage activities.

Steve Ford, the Head of Sales at Trust Payments, added: “Investing in Cyprus to support our merchants and offering local expertise is important for Trust Payments and will enable us to service our global merchants better. Cyprus is a major hub for Forex. With many of our current merchants, as well as EU and EEA regulated companies being on the island, this new office enables us to meet both current and future merchants face-to-face discussing new innovative payments methods in crypto and bank transfers to drive Converged Commerce™. We are looking forward to building stronger relationships and using our expertise to help them grow in a very tough market.”

The Digital Transformation of Financial Services

The move by Trust Payments comes at a time the UK-based payment firm remains dedicated to helping businesses optimize their sales and customer experience. The company has products that help merchants to meet their real-time transactional data analysis and insight needs. Such innovative technology products help merchants to gain an understanding of how customers engage and pay for services and products. Trust Payments is not alone. Many fintech firms are working to enhance and automate the use and delivery of financial services, including common peer-to-peer ('P2P') mobile payment applications like Apple Pay and PayPal and crypto coins like bitcoin. The global growth of non-cash transactions, rising adoption of digital wallets, and the success of several fintech apps make e-commerce the new focus of several industry participants. Non-cash exchanges have become the primary method of payment in many nations. As a result, these not only increase the use of credit cards and debit cards, but also in the popularity of P2P payment platforms like PayPal, Square, RobinHood in the US, Alipay and WeChat pay in China.