- Exchange Bank of Canada (“EBC” or the “Bank”) is to refer its wholesale business-to-business (B2B) banknote customers in Canada to Continental Currency Exchange, Ltd. (“CCE”), a wholly owned subsidiary of DUCA Financial Services Credit Union Ltd. (“DUCA”)
“CCE is pleased to implement this Referral Agreement. We welcome the opportunity to build new relationships and grow our business with new B2B wholesale…
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“We are pleased and confident that the referral agreement with CCE for EBC’s banknote customers is the best outcome for EBC’s stakeholders as well as CXI…”
“CCE is pleased to implement this Referral Agreement. We welcome the opportunity to build new relationships and grow our business with new B2B wholesale…”
“We are pleased and confident that the referral agreement with CCE for EBC’s banknote customers is the best outcome for EBC’s stakeholders as well as CX
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“CCE is pleased to implement this Referral Agreement. We welcome the opportunity to build new relationships and grow our business with new B2B wholesale…”
TORONTO, April 10, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (“CXI” or the “Company”) (TSX:CXI) (OTC:CURN), today announced a referral agreement has been entered into with CCE, one of Canada’s leading retailers of foreign exchange services. CCE operates 19 branch locations across Ontario and offers digital products, foreign exchange conversion services, pre-authorized debit and deposit transactions, foreign cheques and drafts, money transfers and wire payments in over 120 currencies. CCE is a wholly owned subsidiary of DUCA, which was formed in 1954 and has grown from a single branch credit union in Toronto to 19 branches across the GTA and Central Ontario with over 93,000 Members and over $8.3 Billion in total assets including assets under management.
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EBC will be referring its wholesale banknote customers in Canada, including financial institutions, to CCE. The referral of EBC’s banknote customers to CCE, an Ontario-based foreign exchange service provider, will mutually benefit all parties and stakeholders.
“We are pleased and confident that the referral agreement with CCE for EBC’s banknote customers is the best outcome for EBC’s stakeholders as well as CXI shareholders,” said Randolph Pinna, CEO of CXI and EBC.
“CCE is pleased to implement this Referral Agreement. We welcome the opportunity to build new relationships and grow our business with new B2B wholesale banknote customers that will add to our growing retail foreign exchange services business,” said Tom Robertson, CEO of CCE.
CXI’s long-term outlook remains positive due to the Company’s focus on its growing businesses in the U.S. in conjunction with expected cost savings and anticipated additional new product growth in the U.S. market. The Company will provide further updates as the Canadian business operations are being discontinued as originally announced on February 18, 2025. During this process, EBC is committed to ensuring minimal disruption to all its stakeholders.
CXI is grateful to all of EBC’s team members for their contributions over the years and is committed to providing support and guidance to all employees during this transition to ensure a smooth and respectful process.
INFOR Financial Inc. acted as financial advisor to CXI in connection with the referral agreement with Continental Currency Exchange.
About Currency Exchange International, Corp.
Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Company-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com.
The Group’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, is currently in the process of discontinuing its operations in Canada.
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Source – PR Newswire