Money Mover uses Currencycloud Spark to give its clients the freedom to make bold, global moves
Background
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.
Challenge
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.
Partnership
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.
