At the Association of Corporate Treasurers Annual conference 2018, it was clear that the banks' withdrawal from the ‘small FX deals’ market was becoming a major opportunity for other players. At the 2019 ACT Annual conference MoneyCorp were talking about their 2018 record year with:
- £35.5bn traded in 120+ currencies
- 5.9m payments made to 192 countries
- 10,000+ corporate customers
- 150+ active corporate referring partners
- Setting up new local offices, e.g. Edinburgh, Scotland.
The package MoneyCorp offer includes:
- Market updates on currency movements
- Spot and forward contracts
- International payments and easy upload for mass payments
- Market orders
- Hedging solutions
- Notice accounts.
Moneycorp has access to 14+ liquidity providers and they exchange 120+ currencies plus providing the local support that makes all the difference. For many companies this is a complete service and offers all they need in FX and international payments, e.g. Nick Stavrakakis, Indigofera said, "Now as soon as we need to hedge, we get info from the team, wait for the right time & book at the highest peaks...”
CTMfile take: Banks are under threat as relatively small specialist providers and fintechs nibble away at their revenues. What will banks be left with?
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