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What has given them an edge over banks is their ability to make decisions and institute changes rapidly at the request of clients.
"We pride ourselves in making a five-second decision in five seconds," said Gibbons. "If it needs to be 10 minutes we’ll take that but we’re not going to be inefficient."
They also can and do provide services beyond currency exchanges for which they don’t charge, but that helps them build the services they can offer to attract and retain clients.
One example, according to the founders, was a client who had operations in many countries but no timely way of knowing what its cash position was at a given time in the various banks where it held accounts.
GPS Capital Markets, which has four programmers on staff, was able to leverage its software and relations with banks, to create a program that harvested that information and delivered it to the client.
"We are not a software company but by extension what has happened is we have developed a very capable international treasury suite that helps our clients manage their international treasuries," said Manbeian.
Where GPS makes its money is simply in the buy low-sell high basis of exchange. It buys currencies wholesale and then marks up the price and sells them to clients.
The company continues to expand. It’s grown from six employees to about 50, with around 30 of them in the Utah offices.
The managers like recruiting interns from local universities and then hiring the ones who learn the company’s system and it ethos of client service.
The London office, expected to open in June, is a signal of its continuing expansion and ability to serve clients from other nations.
The founders say another of their successes is creating a healthy and convivial work atmosphere. The company was named one of the best companies to work for in Utah by Utah Business Magazine in December 2011.
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