Bermuda-based financial services provider Apex Group has introduced a new digital banking platform to offer improved services for institutional customers.

European Depositary Bank (EDB), a subsidiary of Apex Group, will provide the new services, which will be based on the former’s experiences in the areas of depositary, custody and banking solutions offered to institutional investors, asset managers, family offices, corporates, among others.

The new digital banking solution is designed to allow customers to easily open multi-currency accounts involving cash balances in 18 key currencies as well as handle spot FX and undertake external transfer of money in 33 currencies.

It is also expected to help clients to supervise their everyday business dealings such as global payments, FX requirements and control cash flow via automatic money market sweeps by using a single online dashboard. 

Users of the new solution will be able to open bank accounts smoothly and perform two-factor authentication to improve their online security.

They can also carry out flexible real-time transactions in various currencies through preferred payment gateways including SWIFT, SEPA, ACH and Faster Payments.

Apex Group noted that its new secure platform will add new technologies and processes to minimise human error, cost and time required by conventional banking amid a growth in digital banking after the pandemic.

Apex Group founder and CEO Peter Hughes said: “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.”

In April this year, Apex Group announced that it had been chosen by to provide fund services to the latter’s institutional offering Asset Management (BCAM).