Apex Group rolls out EDB digital banking platform
Apex Group Ltd. (“Apex”), a global financial services provider, announces today that it has expanded its Digital Banking services to provide an agile and responsive solution for institutional clients delivered by subsidiary European Depositary Bank (“EDB”).
As business demand for Digital Banking services continues to rise post-pandemic, this secure and accessible platform delivers greater efficiencies, introduces technologies and processes to reduce human error, as well as the cost and time associated with traditional banking.
EDB’s Digital Banking platform offers a tailored solution for Asset Managers and SPVs, Family Offices, Corporates, Trusts and UHNWI, delivering greater time, resource and cost efficiencies via a secure 24/7 platform for instant access. Clients can now simply and efficiently open multi-currency accounts and manage their day-to-day transactions, including global payments, FX requirements and cash management through automated money market sweeps from a single online dashboard.
This pioneering Digital Banking offering addresses the common challenges and pain points experienced by institutional banking customers by providing an expanded functionality and range of services including:
- Quick and easy onboarding and bank account opening;
- Account visibility and transparency via accessible dashboard;
- Two-factor authentication to enhance security for all clients;
- Custom payment approval processes including multiple approval levels and limits;
- Multi-Currency account including cash balances in 18 major currencies, ability to transact spot FX and ability make external payments in 33 currencies; and
- Flexible real-time payments in multiple currencies using preferred payment scheme such as SWIFT, SEPA, ACH or Faster Payments;
- Automated money market fund sweeps in three main currencies to enable clients to improve investment returns.
Apex Group subsidiary EDB will deliver these services through leveraging extensive experience as a leading provider of Depositary, Custody and Banking services to Institutional Investors, Asset Managers, Family Offices and Corporates.
Peter Hughes, Founder and CEO, Apex Group adds: “We believe the expansion of our Digital Banking offering will be a game-changer for the industry. EDB’s Digital Bank sits at the heart of Apex’s single-source solution, and these latest enhancements to the platform will ensure we continue to provide innovative solutions for clients which differentiate our offering as a leading global financial services provider.”
Ankit Shah, Head of Digital Banking, Apex Group comments: “Over the course the pandemic, as individuals, we have become more accustomed to the ease and convenience of the digital offerings of retail banks but frustrated by the lack of the same functionality and ease of use when it comes to everyday institutional banking. We are providing a secure, fast and fully digital solution that is designed specifically to eliminate the inefficiencies that asset managers and financial institutions currently face in their day to day banking.”
About European Depositary Bank
European Depositary Bank (“EDB”) was founded in 1973 in Luxembourg. It was originally established as a subsidiary of Hamburg based private bank M.M.Warburg & CO (AG & CO) KGaA and was acquired by Apex Group Ltd (“Apex”) in 2019. EDB is supported by Apex’s strong global network of over 50 offices worldwide in addition to its extensive European presence with circa 2,000 employees across the region and is one of the largest providers of depositary services in Europe for regulated UCITS and alternative funds with over $160.6bn Assets under Depositary (as of May 31, 2022).
About Apex Group
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 80 offices in 40 countries worldwide and over 10,000 employees upon the close of announced acquisitions, Apex Group delivers an expansive range of services to asset managers, financial institutions, private clients and family offices. The Group has continually improved and evolved its capabilities to offer a single-source solution through establishing the broadest range of services in the industry; including fund services, digital onboarding and bank accounts, depositary, custody, super ManCo services, corporate services including HR and Payroll and a pioneering ESG Ratings and Advisory solution. Apex Group’s purpose is to be more than just a financial services provider and is committed to driving positive change to address three core areas; the Environment and Climate Change, Women’s Empowerment and Economic Independence, Education and Social Mobility.
Antonia Powell Antonia.email@example.com