Detailed definition
Best FX Initiative is open to any company that provides a solution to enable cross-border payments for a consumer or business. This could be a solution that facilitates those payments or that uses foreign exchange (FX) as a core part of its solution or programme. The category is not open to entries where FX is only a minor feature or component of a broader product or service.
This category is open to B2C, B2B, B2Employee or other distribution models and funds that may be sent, received or facilitated between any two parties. Solutions/programmes could be digital, virtual or physical, and must be live and out of the test phase at the time of submission. Pilot programmes will be accepted, but must clearly be described as such, and the judges will be looking for evidence of success in the pilot.
Solution/programme may be running in any country/countries.
Please provide the following information:
Nominee and nominator
- Name of nominating organisation
- Solution/Programme name (entry title)
- Name(s) of nominated organisation(s)
- The nature of the business relationship between you as the nominator and the nominee company’s solution description
Solution description
The judges will assess your entry against the following criteria. You are free to describe the programme and support your case with additional material as you think appropriate. However, we strongly suggest that you do NOT submit generic promotional material and sales brochures. Please limit your submission to a maximum of 1,500 words.
The criteria are:
- The entry provides benefit/value to the end user (this can be a consumer, business or government department)
- The entry provides benefit/value to the owner
- The entry has leveraged brand, channels, regulations or other capabilities and technologies to deliver innovative solutions to deal with specific problems or opportunities
- The entry has performed well and the submission is supported with quantitative evidence of success from a reliable source
- The entry stands out from its competition, either through performance, innovation, value to stakeholders or other means as described in the submission.
Evidence of success/metrics
Please provide as much information as you can and quote the source of that information. Such information might include the following, but this is not an exhaustive list and, in each case, the judges will be looking for evidence that supports your claims about the key benefits of the programme:
- The length of time it has been live
- The number of transactions and their value from initial launch until January 2025
- The number of unique participants using the programme as of January 2025
- Growth in use, both historical and extrapolated projections
- How has this transformed the user experience?
