Money Mover uses Currencycloud Spark to give its clients the freedom to make bold, global moves
Money Mover’s online platform puts businesses in control of their global payments and foreign exchange. Since its start in 2013, Money Mover has worked closely with Currencycloud who is its major payment service provider. Using Currencycloud’s innovative APIs, Money Mover has processed over £400 million in payments for its SME client base.
Money Mover has worked with Currencycloud since its very first payment. Both Money Mover and Currencycloud approach product development in the same way; making value for customers a priority.
As Money Mover’s service offering developed, it built tools to accommodate new customers and their requirements. Most of these customers were SMEs who gave feedback there was a real need to have the capability to receive payments into named accounts.
Regardless of how they used Money Mover’s platform, these customers were still relying on their slow and traditional high street banking relationships for part of the process, such as foreign currency accounts for receiving funds from their international customers.
This meant that Money Mover’s customers’ overall experience was only as good as their bank could offer. Some found that their banks were restrictive: not allowing them to use third parties such as Money Mover to help with their international payments and FX. Some banks kept money in reserve accounts, delaying international payments.
Money Mover found, too, that even though they could offer a superior service at a better price, some customers reverted back to using their bank as it was less complicated for them.
Money Mover looked to Currencycloud, long a partner in helping them innovate, to find a solution to the restrictions being imposed by traditional banks on their customers when they wanted to move money internationally.
Money Mover is using Currencycloud Spark to offer SMEs a real alternative to high street banks. Money Mover is also providing Currencycloud Payment Tracking service to its customers so they can offer complete transparency to their clients.
Money Mover’s customers asked for the capability to receive payments into named accounts. Currencycloud Spark was the perfect solution to filling this gap in Money Mover’s offering.
Money Mover first ran a pilot program to demonstrate Currencycloud Spark’s benefits to several of its clients. The feedback was so positive that a number of Money Mover’s clients were keen to close their costly foreign currency accounts and move all their international transactional activity to Money Mover’s platform.
This was all before Money Mover had done a hard launch of the additional features and functionality Currencycloud Spark enables.
With Currencycloud Spark fully installed, Money Mover can now focus on expanding from a payments platform to an international payments hub where their clients can receive, convert, pay and track all their payments in one place.
Additionally, with Payment Tracking, Money Mover’s customers can instantly confirm and track where any funds are at any point in the payment transaction. This gives them the ability to maintain trust and build relationships with their end customers.
“We’ve been working with Currencycloud since our very first payment and we’ve established a close relationship. Currencycloud approaches product development in the same way that we do, prioritizing value for their customer and using short feedback loops to iterate on success.”
Currencycloud Spark allows Money Mover to easily create accounts for its customers to receive, pay-out, and move money in different currencies at their convenience. Payment Tracking gives Money Mover’s customers the ability to track in detail the movement of their funds and see where any delays, payments and deductions are made, in real time. Now Money Mover’s customers have the international banking experience they deserve.
Money Mover can offer their customers the ability to send and receive international payments more quickly and easily; enabling them to do business more effectively and efficiently.
Money Mover now has a receivables facility which will increase the size of their addressable market.
Payment Tracking and Currencycloud Spark offer real and measurable benefits to Money Mover and their customers in terms of cost and resources saved.
With Currencycloud Spark and Payment Tracking, Money Mover anticipates that they will be able to provide the functionality for their customers to view and resolve issues like returned payments themselves: reducing the amount of time both parties spend handling these exceptions.
Speak with a payments expert
Start your borderless payments journey today.