Hubpay, a leading fintech company in the United Arab Emirates, has recently launched the country’s first AI-powered currency exchange product. This innovative solution is designed to enhance foreign exchange experiences and optimize exchange rates, thereby contributing to the modernization and efficiency of the local financial sector.
Background and Key Features
Hubpay’s new product allows businesses to manage funds in 38 currencies within a single multi-currency business account equipped with a unique IBAN number. This solution streamlines fund management processes, eliminating the need to deal with multiple currencies. Users can create named accounts, link a single IBAN number to invoices, and benefit from automatic currency reconciliation, faster settlements, and reduced conversion rates. This marks a significant advancement in simplifying corporate financial operations.
Advanced Features and Benefits
This AI-powered currency exchange product includes features such as setting desired exchange rates and automatic transfers at those rates. The system monitors market rates and alerts users when their desired rate becomes available, ensuring some of the most competitive exchange rates and reduced fees. Additionally, the platform supports various payment methods, including debit cards, bank transfers, and mobile wallets, enabling quick and secure transfers to over 50 countries.
Practical Advantages and User Experience
The product offers significant practical benefits, such as dedicated account managers, multi-user access controls, and the ability to open an account within 24 hours. It also supports bulk importing of beneficiaries and ensures payments arrive faster than traditional banks, with the recipient receiving the exact amount sent. The platform’s intuitive interface and automated reporting save businesses valuable time, making the currency management process more seamless and efficient.
In summary, Hubpay’s AI-powered currency exchange product is a groundbreaking innovation that simplifies and optimizes foreign currency transactions for businesses in the United Arab Emirates. With its advanced features and user-friendly interface, it is set to revolutionize the financial sector by increasing efficiency and reducing costs.
