Press releases

Money Mover partners with the ICPA to reduce the cost of international payments for its members and their clients.

Tue, 23 Oct 2018 00:00:00 -0000

Fintech international payments platform and currency exchange, Money Mover, is pleased to announce its partnership with the ICPA (Independent Certified Practising Accountants) - the professional organisation representing accountants in practice.

The ICPA was formed to address the fact that little was being done to help the thousands of smaller local, high street and GP (general practice) accountancy practices throughout the UK. No one institute or organisation was dedicated solely to these firms, with the result that accountants everywhere, regardless of their specialism felt at best marginalised and at worst abandoned.

Many of the clients of the ICPA’s member firms do business internationally, with customers, suppliers and staff located overseas. The ability to manage the flow of funds between currencies and locations efficiently is crucial to their success.

On average, UK banks charge small and medium-sized enterprises nearly £4 billion in hidden fees each year. It goes without saying that SMEs cannot be expected to shoulder such a burden in outgoings.

Money Mover, a UK fintech firm which is committed to reducing foreign exchange and payment costs for SMEs, has a simple proposition in the face of this: to provide a platform which is business-focused, transparent and simple to use, and which keeps their transactions safe at all times.

This new partnership will help over 950 ICPA members save their clients money on their overseas payments and transfers.

Hamish Anderson, Money Mover’s CEO, explains, “Many ICPA members work with businesses making international payments on a regular basis; paying international suppliers and consultants or moving funds between currency accounts. Money Mover’s intuitive online service brings ICPA members a cloud-based financial service which delivers real cost savings and efficiencies to their clients. We’re delighted that it has chosen Money Mover to help differentiate its proposition.”

Tony Margaritelli, ICPA’s Chairman, says, “Partnering with Money Mover made perfect sense for the ICPA. The ICPA sets out to put together a range of benefits and support that would make accountants everywhere feel welcome, appreciated and understood. We seek to establish relationships with innovative commercial businesses that are providing services to the small practice sector and so we are delighted to include Money Mover in our suite of member benefits.

For more information, please visit https://www.moneymover.com/partners/icpa

ENDS

About Money Mover

Money Mover is a fast-growing Fintech company dedicated to transforming international payments for SMEs. It disrupts banks by providing the transparency, functionality and low pricing which had hitherto been available only to the largest corporates and institutions. It was shortlisted for Start Up of the Year (2014) by The Guardian and selected by PwC as a member of its Future of Work technology accelerator.

Money Mover is based in Cambridge, UK, and is authorised and regulated by the Financial Conduct Authority.

Find out more at https://www.moneymover.com/

About ICPA

The ICPA was formed in recognition of the fact that little was being done to help the thousands of small accountancy practices throughout the UK known as local, or high street or GP accountants.

No one institute or organisation was dedicated solely to these practices with the result that accountants everywhere regardless of their Institute felt at best marginalised and at worst frankly abandoned.

The founders of the ICPA were all accountants in practice in varying institutes and they got together as friends to vent their mutual dissatisfaction and frankly have a good old moan about how they were being treated.

It soon dawned on them that moaning was getting them nowhere and out of this anger and frustration was born the ICPA.

It was decided to be practice specific and to recognise and concentrate solely on the needs and wants of the small practitioner and to try to bring innovation and recognition to bear.

The ICPA set out to put together a range of benefits and support that would make accountants everywhere feel welcome and appreciated and understood.

Find out more at https://www.icpa.org.uk

Money Mover partners with The Alternative Investment Management Association to reduce the cost of international payments for its members

Mon, 20 Aug 2018 00:00:00 -0000

Fintech international payments platform and currency exchange, Money Mover, is pleased to announce its partnership with The Alternative Investment Management Association (AIMA) - the global representative of the alternative investment industry.

AIMA draws upon the expertise and diversity of its membership to provide leadership in industry initiatives such as advocacy, policy and regulatory engagement, educational programmes and sound practice guides. AIMA also works to raise media and public awareness of the value of the industry.

This new partnership will help AIMA’s 1,900 corporate members in over 60 countries save money on their overseas payments.

On average, UK banks charge small and medium-sized enterprises nearly £4 billion in hidden fees each year. It goes without saying that SMEs cannot be expected to shoulder such a burden in outgoings.

Hamish Anderson, Money Mover’s CEO, explains, “A large proportion of AIMA members make international payments on a regular basis, paying international suppliers and consultants, making overseas payrolls and converting management fees. Both organisations saw the immediate benefit Money Mover’s intutive online service could bring to their members who often find international payments opaque, time consuming and expensive”.

Jack Inglis, AIMA’s CEO, says, “Partnering with Money Mover made perfect sense for AIMA. Our core objective is to provide mutual assistance to the alternative investment industry and to be its pre-eminent voice globally but alongside that, we endeavour to provide a range services and additional benefits of value to our members. We’re delighted that member firms will now be able to take advantage of Money Mover’s innovative service for their cross-currency payments and transfers.

For more information, please visit https://www.moneymover.com/partners/aima/

ENDS

About Money Mover

Money Mover is based in Cambridge, UK, and is authorised and regulated by the Financial Conduct Authority.

Find out more at https://www.moneymover.com/

About AIMA

The Alternative Investment Management Association (AIMA) is the global representative of the alternative investment industry, with more than 1,900 corporate members in over 60 countries. AIMA’s fund manager members collectively manage more than $2 trillion in hedge fund and private credit assets.

AIMA draws upon the expertise and diversity of its membership to provide leadership in industry initiatives such as advocacy, policy and regulatory engagement, educational programmes and sound practice guides. AIMA works to raise media and public awareness of the value of the industry.

AIMA set up the Alternative Credit Council (ACC) to help firms focused in the private credit and direct lending space. The ACC currently represents over 100 members that manage $350 billion of private credit assets globally.

AIMA is committed to developing skills and education standards and is a co-founder of the Chartered Alternative Investment Analyst designation (CAIA) – the first and only specialised educational standard for alternative investment specialists. AIMA is governed by its Council (Board of Directors).

Find out more at https://www.aima.org/

Money Mover to save UK SMEs thousands with new KashFlow partnership

Thu, 03 May 2018 00:00:00 -0000

Global currency exchange & international payments platform, Money Mover, is pleased to announce a new partnership with online accounting software provider, KashFlow.

This new partnership will help UK sole traders and small to medium-sized businesses save money on their overseas payments.

On average, UK banks charge small and medium-sized enterprises nearly £4 billion in hidden fees each year. It goes without saying that SMEs cannot be expected to shoulder such a burden in outgoings.

Hamish Anderson, Money Mover’s CEO, explains, “KashFlow and Money Mover see the world in a very similar way. Our goal is to use technology to improve the services available to UK SMEs and sole traders, to save them time and to reduce their costs. KashFlow is the hub of a business’s acounts and bookkeeping; Money Mover is the hub of their international trading activity – the perfect partnership!

Oliver Shaw, KashFlow’s CEO, says, “Partnering with Money Mover made perfect sense for KashFlow as we hold the same values at our core: to offer a simple, no-nonsense service to the UK’s small businesses and sole traders and ensure they’re getting the best opportunities and deals wherever possible.

“International trading can be one of the scariest prospects in the life of a small business, but we know there are KashFlow customers whose goods and services are ready for the world stage. Options like Money Mover allow them to take that global step in the confidence they’re getting the best rates, and their books and accounts can be scaled to support them as their business evolves.

“KashFlow exists to support small businesses, and this new partnership with Money Mover opens an exciting new avenue for us to do that as the UK’s businesses grow and set foot into the world, with our support right behind them.”

The Money Mover / KashFlow partnership is now live, with all new and existing customers being offered a free international payments review to help get them started.

For more information, please visit: https://www.moneymover.com/kashflow/

ENDS

About Money Mover

Money Mover is based in Cambridge, UK, and is authorised and regulated by the Financial Conduct Authority.

About KashFlow

KashFlow is a UK-based software company that offers easy-to-use Accounting, Payroll and HR software designed specifically for small businesses. Founded in 2005, KashFlow was one of the UK’s first accounting SaaS providers, and now has a growing customer base of over 58,000 UK sole traders, micro-businesses and small businesses.

From getting paid faster to reducing admin time, KashFlow offers paperless and jargon-free accounting and business solutions to time-strapped owner-operators in every industry. For more information, advice and free demos and software trials visit www.kashflow.com.

Money Mover carries out one of the largest ever Fintech payments of $52 million

Wed, 31 Jan 2018 00:00:00 -0000

Money Mover, the Cambridge-based Fintech firm, which is committed to demystifying the foreign exchange markets, last week carried out the largest transaction in its four-year history.

Money Mover partners with NatWest to pilot a white-labelled overseas payments service for the bank's SME customers

Tue, 23 May 2017 00:00:00 -0000

Money Mover, the innovative international payment service, has completed a ground-breaking pilot with NatWest, that confirmed its technology, security, KYC procedures and customer experience deliver at the highest level.

Money Mover raises further £500K in investment funding to expand its partner programme

Wed, 10 May 2017 00:00:00 -0000

Investors see big opportunity for innovative overseas payment service to provide valuable partnership to accountancy and consultancy firms serving SMEs.

Money Mover urges Britain's SMEs to reduce Brexit uncertainty

Wed, 22 Mar 2017 00:00:00 -0000

Online overseas payments service, Money Mover, today urges Britain’s SMEs to consider reducing uncertainty surrounding their foreign currency transactions by ‘locking in’ an exchange rate for their upcoming overseas payments.

Demo Day marks successful end to Future of Work programme

Wed, 25 Jan 2017 00:00:00 -0000

Cambridge UK, 25 January 2017 – Money Mover, the SME-focused online currency exchange and international payments service, was delighted to participate in the Demo Day, held by PwC, in collaboration with Swiftscale.

Money Mover chosen to participate in PwC’s ‘Future of Work’ accelerator 2016

Thu, 10 Nov 2016 00:00:00 -0000

Cambridge UK, 10 November 2016 - Money Mover, the online currency exchange and international payments service, is delighted to announce that it is one of the 12 organisations chosen to take part PwC’s Future of Work accelerator 2016.

Money Mover welcomes Cambridge business leaders for a scaling-up summit

Fri, 07 Oct 2016 00:00:00 -0000

Cambridge business leaders meet to discuss key issues at Money Mover roundtable

Compleat Software and Money Mover team up to host a live webinar on the disruptive technology that will transform finance departments

Tue, 06 Sep 2016 00:00:00 -0000

About Compleat Software

Compleat Software is a leading provider of powerful spend management solutions for SMEs that eliminates paper and unites finance, procurement and budget holders, providing an accurate, real-time picture of company finances. Offering the next generation of purchasing and budget management automation at an affordable cost, it’s P2P software comprises solutions for e-invoicing, purchase invoice approval, purchase order and receipting, employee expenses, contract management, and report generation.

For further information, please visit the website. Follow Compleat on Twitter, Facebook, and LinkedIn for the latest news & insights.

Money Mover partners with leading biotech and life sciences organisations Bionow and One Nucleus to reduce foreign exchange payments for their members

Tue, 05 Jul 2016 00:00:00 -0000

Money Mover partners with Bionow and One Nucleus to help their members with international payments

Money Mover launches partner and affiliate programme, exclusively for professional services firms

Tue, 07 Jun 2016 00:00:00 -0000

Innovative payments provider works with advisers to reduce foreign exchange charges for SMEs.

Money Mover’s Amanda Nunn named Cambridge Wireless Business SIG champion

Wed, 13 Apr 2016 00:00:00 -0000

Money Mover’s Amanda Nunn has been appointed by CW (Cambridge Wireless) as the latest Champion for their Business Special Interest Group (SIG).

UK banks charge SMEs £4bn in hidden international money transfer costs each year

Tue, 12 Jan 2016 00:00:00 -0000

96% of bank revenues from foreign currency transactions are hidden from small business customers
The worst offender is Barclays which makes an average of 3.68% on transfers
Study ranks the best and worst banks across different transaction sizes

Cambridge, UK, 12^th January 2016 - A new study has found that UK banks charge small and medium sized enterprises (SMEs) nearly £4bn in hidden transfer fees each year to make international payments. 96% of these fees are hidden from the customer using the exchange rate offered. This is the first time that a study into the actual rates charged by banks has been conducted.

International trade is worth over £700bn to UK SMEs according to McKinsey&Co and recent figures from Oxford Economics show that the number of SMEs doing business in more than six countries will increase 129% in the next three years. 50% of all UK SME international trade is with Europe.

The study, “UK SMEs International Payments Analysis” was conducted by payments consultancy Accourt and commissioned by Money Mover, the online currency exchange and international payments service. It highlights the lack of transparency by banks around the fees they charge SMEs and how these fees are calculated.

The study found that 96% of the revenue for a bank for an average transaction of £75,000 within the EU comes from the margin that banks add to the exchange rate they receive from the money markets – known as the ‘spread’. The charge is hidden in the exchange rate, therefore the SME will never see it - even though it makes up the majority of the amount that the bank charges the SME. The average total transaction cost charged by a bank to a SME customer on a transfer of £75,000 is 2.43%, or £1,822. Of this cost, £1,807 is based on the spread which is hidden from the customer.

Overall, SMEs will pay between 1.12% and 3.68% of the transfer amount due to spread. This hidden charge is in addition to the upfront fee that banks disclose when making a transfer. Including fixed fees, the most expensive bank makes 3.70% on any transfer and the cheapest makes 1.14% for transfers over £100k. The table below displays the ranking of banks surveyed for the average SME transfer amount of £75,000:

GBP to EUR	GBP amount	EUR amount	Bank Rate	Mid-Market rate	FX Spread Cost	Fixed Fees	Total spread (including fixed fees)	Total cost of transaction
Barclays	£75,000	€ 98,917.50	1.3189	1.3675	3.68%	£15	3.71%	£2,775.82
Lloyds	£75,000	€ 99,097.50	1.3213	1.3571	2.71%	£15	2.73%	£2,047.09
NatWest	£75,000	€ 101,864.62	1.3582	1.3906	2.38%	£12	2.40%	£1,799.76
HSBC	£75,000	€ 98,845.88	1.3179	1.3482	2.29%	£4	2.30%	£1,723.44
RBS	£75,000	€ 100,664.78	1.3422	1.3670	1.85%	£12	1.86%	£1,395.75
Santander	£75,000	€ 101,288.51	1.3505	1.3714	1.55%	£25	1.58%	£1,187.15

Commenting on the findings of the study, Money Mover CEO Hamish Anderson said, “When it comes to international payments, it’s clear that the UK’s major banks are overcharging and underserving their SME customers. The UK’s banks are collectively failing to give SMEs the knowledge, transparency and visibility which they need to make an intelligent and informed decision. This lack of transparency is not only unfair and uncompetitive, it’s also costing the UK’s SMEs precious cash in unnecessary fees.”

Cost was not the only issue revealed by the study - transparency also emerged as a key concern surrounding currency transfer services. In some cases, the SME won’t know how much they are being charged or the amount that the recipient will receive until after the payment has been made. This makes it very difficult for SMEs to compare banks and the costs they apply, and therefore choose the lowest cost provider.

In addition, the utility of services offered by banks provide very little in the way of appropriate and useful feature for their customers. SME customers could benefit hugely from offerings that integrate into SMEs exiting financial and accounting systems and processes.

“The UK’s SMEs are the growth engine of the UK economy,” continued Money Mover CEO Hamish Anderson. “In an increasingly globalised economy, business should review how they move money across borders. There are much better ways than banks.”

The complete Accourt study, “UK SMEs International Payments Analysis”, is available to download.

A downloadable infographic summarising the findings of the study is also available.

- ENDS –

Note to editors:

Accourt researched six of the top ten banks in the UK to discover the costs of making an international transfer using a bank as a service provider. These costs include the FX spread and any fixed fees associated with the transaction.

Accourt conducted both desk research and interviews with the banks to obtain the findings. It asked each bank questions on fee structure and spread, and charges for SEPA and non-SEPA payments for the following transaction brackets; £0 -£10K, £10K-£100K and over £100K (including SWIFT costs if applicable).

Other currencies were researched but only EUR transactions were analysed for comparison purposes. Further details on the research methodology are included in the report itself.

About Money Mover

Money Mover is the online currency exchange and global payments service dedicated to SMEs.

Money Mover aims to make international money transfer an asset rather than an inhibitor for SME growth by empowering businesses to make global payments and international money transfers quickly, at pre-defined rates and with transparent pricing. Its online platform offers a rich user interface that provides SME-focused tools, reports and functionality to support existing processes/workflows.

Money Mover is part of the growing wave of FinTech companies focused on delivering a better quality of service than incumbent institutions. The cofounders of Money Mover, based in three different continents, were disillusioned with the way that current money transfer practices hamstrung SMEs. They set out to create a global payments platform that put the best interests of its customers at its heart.

Based in Cambridge, UK, Money Mover is backed by Andy Homer, Sir Peter Michael, and a group of financiers, entrepreneurs and technologists.

For more information, see: https://www.moneymover.com/

About Accourt

Accourt is a leading provider of strategic and operational consultancy services to the payments industry worldwide. Our clients include banks, card schemes, financial services institutions, payments and technology providers, telecom operators, corporates, merchants, and government organisations. We aim to make a powerful, positive difference to our clients’ futures.

Our consultants are all experienced practitioners with front line P&L experience, combining unrivalled strategic expertise with operational know-how. From defining and setting strategy, to implementing deployment, through to final delivery, Accourt is dedicated to minimising operational risk and ensuring a successful and profitable outcome for our clients. We have a passion for delivering real and lasting value and we bring focused, world-class expertise to complement client teams.

Amanda Nunn joins Money Mover

Wed, 11 Nov 2015 00:00:00 -0000

Money Mover, the online currency exchange and international payments service dedicated to SMEs, today announced that it has appointed Amanda Nunn as Head of Partnerships.

FinTech start-up Money Mover raises £1m to tap $5.6 trillion SME international money transfer market

Wed, 22 Jul 2015 00:00:00 -0000

Company is backed by leading investors including former Towergate CEO and stakeholder in Funding Circle, Andy Homer
First international currency exchange and payment company dedicated to SMEs

Cambridge, UK, 22nd July 2015: Money Mover, the online business currency exchange and international payments service dedicated to SMEs, today announced that it has raised £1m from a group of financiers, entrepreneurs and technologists, including Andy Homer and Sir Peter Michael. Money Mover aims to make international money transfer an asset rather than an inhibitor for SME growth by empowering businesses to make international money transfers quickly, at significantly reduced costs and with complete exchange rate transparency.

The SME market is large and well-established with over 100m businesses worldwide, increasing by nearly 8% annually. These businesses represent a huge FX and money transfer market, making a combined USD $5.6 trillion¹ in international payments each year with volumes and transaction sizes growing steadily year-on-year. Despite the market size, SMEs are underserved and overcharged by banks and money remittance companies. According to the Competition and Markets Authority only 13% of SMEs trust their bank to act in their best interests and only 25% feel supported by their bank².

Money Mover is part of the growing wave of FinTech companies focused on delivering a better quality of service than incumbent institutions. The cofounders of Money Mover, based in three different continents, set out to create an international payments platform that put the best interests of SMEs at its heart. Its online platform offers a rich user interface that provides SME-focused tools, reports and functionality to support existing processes/workflows.

“There’s a pressing need for better FX transfer services for SMEs. Incumbent banks and financial institutions are letting their SME customers down with their current FX services, which fail to address the specific needs of the market. At the same time, while FX transfer is one of the fastest growing sectors in FinTech, there isn’t an FX provider that focuses solely on SMEs,” said Andy Homer. “Money Mover is now taking the lead in tackling this gap in the market, and I’m confident that it has the team and the technology in place to capitalise on this lucrative opportunity.”

“Banks currently regard the SME market as niche and don’t properly understand their business needs. International payments are especially difficult and complex for SMEs with hidden fees, poor rates and cumbersome processes,” said Hamish Anderson, Co-founder and CEO of Money Mover. “We’re here to ditch the ‘one-size-fits-all approach’ and be the payment partner that is transparent, trusted and genuinely invested in helping their businesses grow.”

Notes to editors:

References

¹ SMEs make a combined USD $5.6 trillion in international payments each year

This figure is derived from Money Mover research based on the following sources:

“Micro, Small, and Medium Enterprises Around the World: How Many Are There, and What Affects the Count?” – World Bank / IFC – August 2010
Small Business Statistics – Federation Of Small Businesses – October 2013
Annual Report on European SMEs 2012/13 – European Commission
“The future of global payments” – McKinsey&Co – November 2014
“Global Payments 2014: The Interactive Edition” – Boston Consulting Group – September 2014
“Fixing Global Payments’ $26 Trillion Problem” – www.PYMNTS.com – 3 December 2014

² SME banking (CMA and FCA market study) – 18 July 2014

About Andy Homer

Andy has been CEO of Commercial Union UK (now Aviva), CEO of AXA Insurance UK, CEO of Folgate Insurance UK, and CEO of Towergate Partnership Ltd.

He is currently Chairman of an energy broker and an insurance software business and a Non Executive Director of a Brazilian insurance business. He has also been a professional mentor for three years.

Andy has been Chairman of the Motor Insurers Bureau, a statutory body that pays compensation to the victim of uninsured drivers.

He is a Fellow of the Chartered Insurance Institute, by examination, and has served as the national President of the CII. He wasChairman of the British Insurance Brokers Association from 2011 to 2013.

-Ends-

About Money Mover

Money Mover is the online currency exchange and global payments service dedicated to SMEs.

Based in Cambridge, UK, Money Mover is backed by Andy Homer, Sir Peter Michael, and a group of financiers, entrepreneurs and technologists.

For more information, see: https://www.moneymover.com/

Media contacts

Alan Miller and Alex Sowden at CCgroup
T: +44 203 824 9203/ +44 203 824 9208
M: moneymover@ccgrouppr.com

Download [PDF]