Payments provider OFX has been signed up as the exclusive global foreign exchange partner of the International Tennis Federation.
Under the three-year deal, OFX will provide international money transfer services that will allow the ITF and its member associations to make fee-free payments in more than 55 currencies at competitive exchange rates.
An ITF spokesperson told SportBusiness Sponsorship that the governing body estimates it will save more than $200,000 (£165,000/€178,000) per year in money-transfer costs through the partnership, aside from anticipated additional savings for its members.
“Savings available for national associations who choose to use the service will depend on their current FX arrangements, but it is the first time the ITF has been able to offer the option for payments to be made in local currencies rather than US dollars only,” the spokesperson added.
ITF chief operating officer Kelly Fairweather said: “The ITF, along with our member nations, are responsible for the development and growth of tennis globally and therefore any savings that can be made mean more can be invested into achieving these objectives.”
The Australian Securities Exchange-listed provider has partnerships with 16 international banks and can facilitate transfers to 197 countries.
Sarah Webb, president of OFX UK and Europe, added: “This global partnership will facilitate easier local currency payments and offer tangible savings that can be passed on to all of its member nations and players.”