iFAST’s multi-currency business account has Xero integration for solicitors, accountants and property managers.
iFAST Global Bank announced the launch of its multi-currency business account with integrated Xero accounting software, specifically designed to address the complex cash management and financial tracking needs of professional services firms.
The new offering combines multi-currency banking capabilities with automated accounting integration, enabling solicitors, accountants and property managers to streamline their financial operations while earning competitive interest on business deposits.
Multi-currency banking built for professional services
As a licensed UK bank authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority, iFAST Global Bank offers deposits protected up to £120,000 under the Financial Services Compensation Scheme.
The Multi-Currency Business Account supports nine major currencies, including GBP, USD, and HKD, allowing firms to hold and manage multiple currencies under a single account. Interest-bearing current accounts offer variable rates of up to 2.65% AER on GBP balances, with fixed-term deposits earning up to 4.15% AER and notice deposit accounts offering just over 3% AER.
For firms receiving international payments, the platform eliminates the need to convert currencies just to earn interest. Through a partnership with Standard Chartered Bank, businesses can send funds from their account currencies to recipients in 52 currencies worldwide, simplifying international invoice settlements, client payments and cross-border obligations.
Seamless Xero integration for real-time financial visibility
The integrated Xero accounting software synchronises banking transactions directly with accounting systems, eliminating manual data entry and reconciliation processes that consume valuable administrative time.
For professional services firms managing client payments that may take months to arrive, multiple trust accounts, or complex billing cycles, the Xero integration provides real-time visibility over cash flow and financial performance. These are the capabilities that are increasingly essential in today’s business environment.
Addressing the hidden costs of idle funds and inefficient tracking
Many professional services firms focus on growth, client acquisition and service delivery, but overlook critical financial inefficiencies affecting their operations—idle funds in non-interest-bearing accounts and fragmented financial tracking systems.
For solicitors, accountants and property management firms, cash flow complexity extends beyond what appears on paper. When client payments are delayed, funds sit idle without earning returns, and when accounting systems remain disconnected from banking platforms, firms lack the real-time insights needed to make informed financial decisions.
Over time, these inefficiencies can quietly reduce working capital, limit capital growth opportunities, and create unnecessary financial pressure—even when a firm appears profitable on the balance sheet.
Traditional banking arrangements often require firms to maintain separate accounts for different currencies, rely on manual reconciliation, and accept limited visibility over their financial position. These inefficiencies create administrative burden and unnecessary costs.
A modern solution for today’s professional services firms
“Professional services firms operate in an increasingly complex financial environment, managing multiple currencies, lengthy payment cycles, and demanding compliance requirements,” said Inayat Kashif, CEO at iFAST Global Bank.
He continued: “Our Multi-Currency Business Account with Xero integration provides these firms with the modern banking infrastructure they need to manage finances more efficiently while earning competitive returns on deposits.”
This article is produced by SWNS based on content distributed by GlobeNewswire.
