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Emerging Payments

USForex Markets Its Global Payments Services to U.S. Banks

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USForex, a business that offers foreign exchange services to U.S. residents, is marketing its exchange platform services to American banks.

The subsidiary of the Sydney-based OZForex Group said it plans on white-labeling its brand of foreign payments and money transfer systems to bank customers here.

Already Travelex of London is using the service in the U.K., with plans to use USForex to route payments in the states within the next year, said USForex's chief executive Michael Ward.

ING Direct and Macquarie Private Wealth are already using a similar OZForex platform in Australia.

"Our current success in incorporating OZForex's platform for our clients provided us with the necessary proof points to expand our service in North America," said Macquarie Private Wealth head Eric Schimpf in a press release. "USForex serves as a valuable conduit to new and existing clients in the North America market and we are excited to see the company continue to expand in 2013."

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