Click here to close now.


Blog Feed Post

CurrencyTransfer vows to take international business payments out of the dark ages

New marketplace for currency exchange to be the 'Kayak' of business money transfers

Finovate Europe, 12 February 2014: CurrencyTransfer, an online marketplace for international payments, launches today to provide businesses with confidence, transparency and the best rates when making payments abroad. Businesses can access currency exchange quotes from multiple FCA regulated brokers and book trades in one place, allowing them for the first time to take complete control of their cross-border trade. In the same way that Expedia, Kayak and have transformed the travel industry, CurrencyTransfer aims to disrupt international business payments, driving down fees and levelling the playing field.

Sending an international business payment is usually expensive, time-consuming and far from transparent. Cross-border payments to the tune of $21tn are made annually[1]. Banks process 90% of B2B international payments but apply hidden markups of up to 4% away from the 'real' exchange rate, often disguising poor rates with '0% commission' slogans. To get the best rates, businesses are left to call up multiple brokers, which takes time and puts customers at the mercy of currency salesmen. Brokers further hoodwink their customers with 'honeymoon rates', offering a fabulous rate on day one, only to widen and widen markups over time.

CurrencyTransfer brings transparency to an opaque industry by allowing businesses to compare live quotes from different brokers alongside the mid-market rate, so that securing the best deal on a money transfer is as easy as booking the cheapest plane ticket online. More than just a comparison site, businesses can book trades, store multiple beneficiaries and view their complete trade history, simplifying and streamlining the cross-border payment process.

By providing a 360° snapshot of international payment quotes from top brokers, CEOs, finance directors and other decision makers can select the best times to make a payment, create more accurate revenue forecasts and ultimately have greater control over their international trade. Businesses no longer have to waste time sourcing quotes and crucially can be confident that they have got the very best deal on their money transfers abroad, each time they trade.

Founders Daniel Abrahams and Stevan Litobac are the team behind successful comparison sites and Since 2010, has helped consumers find the best deals on over $650 million worth of currency transactions and introduced nearly 60,000 quotes to money transfer specialists. It is the UK's leading affiliate for many top tier non-bank foreign exchange providers.

Daniel Abrahams, Co-Founder of CurrencyTransfer, comments: "We want to remove the inefficiencies and opaqueness that making an international payment has entailed. It is a scandal that in 2014, business foreign exchange is one of the last areas of banking where you don't clearly know what you're paying. We set up CurrencyTransfer to modernise a tired & expensive industry. Through our competitive platform inviting regulated companies to quote for a companies' business, we give businesses worldwide confidence they are getting the fairest deal on currency exchange.

"No longer do firms have to place blind trust in their banks or brokers when sending cross-border payments. We give businesses the information they need to make informed decisions about international payments. For the first time, the customer is in full control and in less than 60 seconds, can decide and book the best exchange rates available from regulated currency suppliers. We are taking international payments out of the dark ages."

[1] Boston Consulting Group, Global Payments 2013: Getting Business Models and Execution Right

About CurrencyTransfer
CurrencyTransfer is an online marketplace for international payments. Businesses can access foreign exchange quotes from multiple FCA regulated brokers and book trades in a single venue, making getting the best deal on a money transfer as easy as booking the cheapest plane ticket online.

Founders Daniel Abrahams and Stevan Litobac are the team behind award winning comparison sites and Since 2010, has helped consumers find the best currency deals, helping customers transact over $650 million of currency transactions. It was awarded '2012 Best Online Service' at the OPP (Overseas Property Professional) awards, together with Jewish Startup of the Year in 2013.

CurrencyTransfer has been selected as part of the UKTI's trade mission to SXSW.

Source: RealWire

Read the original blog entry...

More Stories By RealWire News Distribution

RealWire is a global news release distribution service specialising in the online media. The RealWire approach focuses on delivering relevant content to the receivers of our client's news releases. As we know that it is only through delivering relevance, that influence can ever be achieved.

Latest Stories
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facin...
I recently attended and was a speaker at the 4th International Internet of @ThingsExpo at the Santa Clara Convention Center. I also had the opportunity to attend this event last year and I wrote a blog from that show talking about how the “Enterprise Impact of IoT” was a key theme of last year’s show. I was curious to see if the same theme would still resonate 365 days later and what, if any, changes I would see in the content presented.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company In the past, he was co-founder of social-trading platform Currensee, which...
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.