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Q&A with WireFX CEO Jeff Althaus

Updated: May 25, 2023

Q: What’s the story behind WireFX and what’s on the horizon for the company?

Jeff: In my early career at leading software providers like Oracle and Wolters Kluwer, I had the opportunity to work incredibly closely with financial institutions around key areas like compliance, regulation, and legal to help them automate and modernize. I saw first-hand the complexities of working within a financial institution and the major operational challenges they face.

More recently, I helped lead Flywire, an international payments fintech provider where I realized that most fintechs out there were never designed to effectively work across a financial institution. They lack all those moving parts and different elements required for a truly successful digital roll out within a financial institution.

That’s how WireFX was born – out of the need to create a fully integrated digital payment solution for financial institutions. We focus on global payments because international and cross-border wires are still very manual, complex, and inefficient. With WireFX we’ve built a next-generation payments platform that delivers a simple, end-to-end digital payment experience for both financial institutions and their end-customers.

Q: Tell us more about WireFX and your value proposition for banks and credit unions?

Jeff: At WireFX, our mission is to provide banks, credit unions, and fintechs, of any size, access to a simple, fully-integrated global payments system. This empowers our clients to offer the experience their customers expect and demand.

WireFX is built around three core elements:

  1. Complete functional solution: WireFX is a true end-to-end platform that comprises all the pieces financial institutions need to send and receive international payments.

  2. Integration: WireFX is designed to easily integrate to an organization’s existing systems including core banking, compliance, and liquidity providers. One of the greatest challenges for financial institutions is that the majority of their systems, processes and functions are operating in silos and do not communicate with each other. This creates numerous inefficiencies for organizations leading to higher costs, duplicated efforts, and errors. Integration is key and a real game changer when it comes to a financial institution’s digital transformation and automation.

  3. Customer Experience: WireFX supports financial institutions’ ability, regardless of their size, to meet their clients’ demands for a seamless digital payment experience. 82% of Americans now use digital payments and 73% of them regularly send money abroad. In particular smaller banks and credit unions are facing the real threat of losing their customers to digitally savvy competitors.

Q: Where is WireFX today and What’s Next?

Jeff: Since WireFX’s launch, we’ve partnered with over 15 financial institutions across a range of asset sizes to guide us through the evolution and development of WireFX’s flagship platform.

Due to client demand, we’ve sped up our rollout plans and are currently in deployment. We're pretty excited about the progress and extremely grateful to our partners, advisors, and team for pushing us ahead of schedule.

We are receiving amazing feedback and recognition from financial institutions and peers in the industry. We are humbled to be seen as one of the most disruptive global payments companies currently on the market.

On the brand side, we also recently launched a new website and visual identity which better reflects our vision for the company.

In regards to what’s next we will soon announce a number of new clients and strategic partnerships further strengthening WireFX’s value proposition. In the coming months, we will continue to evolve with a large focus on leveraging our platform, across domestic and international payments.

Q: Who are you watching in the industry?

Jeff: It is hard to avoid the noise around cryptocurrency and blockchain at the minute - and although I think we are a few years away from mass adoption, there are some major players building great foundations. Silvergate Bank in San Diego is a big enabler for digital currency exchanges with their SEN network, allowing USD payments 24/7 - I am really excited to see what they work on in the coming years.

Q: When you aren’t revolutionizing the global payment game for banks and credit unions how do you like to spend your time?

Jeff: We have an amazing team at WireFX, and this work is incredibly exciting, so hours “working” is very rewarding for me. Yet, in those few hours a day when I’m not thinking or working on WireFX I enjoy cruising around the lake and watching my sons play hockey.

To learn more about WireFX and see how it works, click here to book an introductory call with one of our team.


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