LONDON: PrimeiroPay, cross-border payment provider specialised in the Latin American market, received today the prestigious global award promoted by Global Finance magazine, that recognises the best in Foreign Exchange Management. In partnership with Citi, the company was selected Best Collaboration with Banks and Suppliers for the innovative InstantFX solution, which automizes trading and reduces currency risk with daily guarantees rates for merchants in Latin America.

In today’s fast-paced, competitive markets, online businesses need a way of hedging exposures to FX rate fluctuations that can affect the price of their goods and services. Citi and PrimeiroPay resolve this problem in an automated, cost-effective way.

“We are delighted to be awarded for a joint effort that results in scalability, efficiency and security to our clients. The markets where we work are highly regulated; they have a lot of restrictions when it comes to fund flow, and Citi helps us make sure that the flow is efficient, compliant and automated”, says PrimeiroPay’s Managing Director, Tim Werner.

Vitor Bovo, e-FX Solutions Specialist at Citi, says: "We are proud to be recognised for our achievements as we continue to leverage our FX capabilities across the globe, helping communities and creating value for our clients. PrimeiroPay is an important client, and we are proud to innovate and enhance our solutions and product capabilities to enable them going global, have more efficient cross-border payments, and help power eCommerce in LATAM."

On its 20th edition, Global Finance has chosen their annual World’s Best Foreign Exchange Providers from 113 countries. The magazine regularly selects the top performers among banks and other providers of financial services. These awards have become a trusted standard of excellence for the global financial community.

Criteria for choosing the Foreign Exchange Providers winners included transaction volume, market share, scope of global coverage, customer service, competitive pricing and innovative technologies. Global Finance also considered input from industry analysts, corporate executives and technology specialists. The Corporate FX awards took into account factors such as innovation, improved efficiency, risk reduction and lower costs.