Welcome!

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 Booking.com 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 MyCurrencyTransfer.com and MyTravelMoney.co.uk. Since 2010, MyCurrencyTransfer.com 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 MyCurrencyTransfer.com and MyTravelMoney.co.uk. Since 2010, MyCurrencyTransfer.com 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.

www.currencytransfer.com

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
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
SYS-CON Events announced today that Adobe has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of co...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...