Introducing Better Pricing and Improved Efficiency for Foreign Exchange
Glastonbury, CT– Bankers’ Bank Northeast (BBN) of Glastonbury, CT and PeopleHedge of Boston, MA have joined together to form a strategic joint venture called Bank AnoVa Partners, LLC. The intent of the partnership is to provide community financial institutions with the lowest cost and most efficient alternative for executing foreign exchange wire transfers.
BBN, a leading correspondent bank providing financial and operational support to a large number of community banks and credit unions, has been looking for ways to improve pricing and execution in the expanding global payments sector. PeopleHedge, a financial technology startup focusing on the cross border transaction needs of small businesses and charities, has developed relevant intellectual property for achieving greater efficiencies in the foreign exchange market. Together, the new venture, Bank AnoVa Partners, will leverage BBN’s customer base and regulatory status along with PeopleHedge’s patented methodology to allow community financial institutions to offer the most competitive rates to their retail and commercial customers.
“We represent the collective interests of community banks and credit unions,” says Craig Howie, President and CEO of BBN Financial Corporation. “Our goal is to allow our clients to be more competitive than the large, money center banks and this partnership will allow us to do that.”
Focusing on technology and data, Bank AnoVa Partners will be able to reduce costs and improve service over time. On forming the new venture, Damon Magnuski, President of PeopleHedge, stated, “This is how partnerships are supposed to work. We bring technology and new ideas, and BBN brings the customers and regulatory framework. Community banks and their customers will benefit as we reduce costs and improve execution of foreign exchange transactions.”
BBN Financial Corporation is the parent of Bankers’ Bank Northeast, a Connecticut chartered, FDIC insured, Federal Reserve member offering critical correspondent banking services and operational support to community financial institutions.
PeopleHedge is a startup Financial Technology company using data and patented processes to help importers, exporters, and charities with cross border payments.