LONDON, March 20, 2026 (GLOBE NEWSWIRE) — 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. “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.”
The platform is now available to professional services firms. For more information, visit www.ifastgb.com or contact [email protected].
About iFAST Global Bank
iFAST Global Bank is a licensed UK bank providing digital banking services designed to support individuals and businesses engaged in international finance. The Bank forms part of iFAST Corporation, a global digital banking and wealth management platform operating in Singapore, Hong Kong, Malaysia, China and the United Kingdom.
iFAST Corporation (SGX: “AIY”) has been publicly listed on the Mainboard of the Singapore Exchange since December 2014 and provides a range of investment, wealth management and banking solutions to clients across multiple markets.
The Bank stated that continued investment in digital banking capabilities forms part of its long-term strategy to support internationally active SMEs across specialised industry sectors. Find out more about iFAST Global Bank on their website www.ifastgb.com.
Disclaimers
Fixed Term Deposits are subject to a fixed deposit term. Early withdrawal before maturity is not permitted unless under exceptional circumstances and may result in loss of all accrued interest. A 14-day cooling-off period applies from the date of application, during which you may cancel your fixed term deposit without penalty. More details can be found on our website at www.ifastgb.com. Deposits up to £120,000 are fully protected by FSCS (Financial Services Compensation Scheme). More details: https://www.fscs.org.uk/. T&Cs apply.
Notice Deposits are subject to a 14-day cooling-off period, after which, withdrawals will not be permitted before the end of the 95-days unless in exceptional circumstances. Early terminations will result in the loss of all accrued interest; however, your original deposit (principal) will be returned in full without penalty. T&Cs Apply.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a9faa16d-4463-4c84-8692-200df0a297f0
