Virtual IBANs push Boxhill in first half

Boxhill Technologies said it had seen improvements across the payments division since the beginning of the year, in a trading update on Friday, both in revenue and technology roll out.

The AIM-traded firm said that in July, EmexGo started issuing virtual IBANs, meaning that its customers were now able to supply their account information in standardised international bank account format, with the customer as the named beneficiary, to receive inward payments.

“Available in multiple currencies this important improvement makes our services user friendly and therefore more attractive to those wishing to use alternative payment platforms by utilising internationally understood account formats which other providers are unable to do,” the board said in its statement.

“Further to this we have launched a high value transfer service, facilitating transactions in excess of €10m for corporate and individual customers.”

Boxhill said the service, driven by customer requirements, took into account the “additional care and attention” that low frequency but high value transactions required to complete smoothly.

“We expect at least one high value transfer per quarter and are currently working on several transactions, including one of a nine figure value and is currently being executed via a novel secure process through the banking system via EmexGo with the final destination being a UK tier 1 high street bank.”

Boxhill said its card processing business was making “good progress”, with new services including offering merchants Union Pay acceptance as well as Visa and MasterCard services.

“Our combined offering of card services and virtual IBANs is being taken up by customers as we can reduce the time for settlement improving cash flow and saving money for our merchants.”

Revenue from EmexGo in the first half of the year had already exceeded last year's total - excluding the fees to be earned on high value transactions - and the board said it anticipated the card processing revenues to grow as in previous years.

“[We] expect to see growth and momentum return to above first half 2016 levels through the second half of the year.

“The company continues to seek a high-calibre chief executive to help it grow into the future.”