NEWARK, N.J.--(BUSINESS WIRE)--The Clearshift Group, an international financial services company, City National Bank of New Jersey (CNB), one of the ten largest African-American banks in the US, and East Coast Capital Holdings (ECCH), a specialized small business investment company (SSBIC), have announced the signing of a Letter of Intent to form a partnership that will revolutionize the US-based cross border payments market.
With the US corporate foreign currency payment space ripe for disruption, the collaboration seeks to bring the benefits of peer-to-peer foreign currency exchange with real and easily verifiable price transparency. It will provide an online platform for businesses to easily pay foreign counterparties in virtually any currency, with transparent and low-cost fees. The service will also be made available as a white-label solution for other community banks.
Ari Dobner, CEO of the Clearshift Group said, “We are a Fintech company that brings new technologies and innovation to the often archaic financial market. Our unique business model leverages technology to deliver transparent foreign currency exchange and supply chain finance services. Partnering with CNB and ECCH enhances our visibility and makes it easier and more affordable to effect cross border payments.”
"This venture is an example of how the combination of Fintech companies and banks could ease payment processes, reduce fraud, save users money, promote financial planning, and ultimately move the giant financial industry forward," said Preston D. Pinkett III, Chairman & CEO of City National Bank. “Entering the cross border payments space will similarly allow us to fill a gap in the financial system. We selected Clearshift because of their expertise in efficient execution in the foreign currency payments arena. The streamlining of the foreign currency market through transparency and low-cost fees opens up a whole new opportunity for customers who would not necessarily approach us for such services, or who lack the expertise and resources to properly monitor their foreign currency exchange cost.“
"We are proud to be part of this partnership," stated Yitzhak Zelmanovitch, President of East Coast Capital Holdings. "It is a natural progression of our strategy to invest in first-class minority deposit institutions, particularly those that received TARP investments. The partnership is the latest example of CNB’s harnessing technology for the benefit of customers and its leadership role in community banking."
About The Clearshift Group
Clearshift (www.clearshiftinc.com) redefines currency exchange pricing, offering an innovative and transparent pricing model for online currency transactions that is transforming financial services. Generating tangible value to customers and the market as a whole, the company leverages technology to enable the global delivery of safe, simple financial services and to close transactional gaps in international trade. Headquartered in Europe, Clearshift is led by a team of seasoned financial professionals who ensure fair pricing standards and servicing of customers in the culture, language and legal environment that they are accustomed to.
About City National Bank of New Jersey
CNB (www.citynatbank.com) is a diversified financial institution committed to providing quality financial services to the unbanked and underbanked, domestically and internationally. A certified Community Development Financial Institution, minority owned and managed, CNB is currently among the ten largest African-American banks in the country. Headquartered in Newark, NJ, its primary businesses are Community Development and Global Payments. Through its new and sophisticated Internet banking program, its services are now available nationwide.
About East Coast Capital Holdings (ECCH)
ECCH (www.eastcoastcapitalholdings.com), headquartered in New York City, is a Specialized Small Business Investment Company (SSBIC) licensed by the Small Business Administration (SBA). ECCH invests in minority depository institutions and financial service companies. ECCH also selectively invests in minority-owned asset managers, identifying investment strategies and providing ongoing expertise.