Anderson and his fellow founders, from a variety of financial and technology backgrounds, spotted a gap in the market for a transparent and easy-to-use service allowing SMEs to make low-cost payments in a range of currencies.
Cambridge businesses are innovative, highly entrepreunerial and do business around the world. They have a growing requirement to make and receive payments in non-Sterling currencies. However, they are increasingly finding that making cross-border payments is an expensive and opaque process.
The currency markets best serve banks and multinational corporations which exchange and transfer large amounts of money. High street banks and money-transfer bureaux dominate foreign exchange and global payments for retail and SMEs, and make steep charges for their services.
Transferring money through the high street banks may incur fees of £25 or more, on top of bid-offer spreads of 2-3% for exchanging currencies. Even transactions that are described as 'commission free' will invariably incur a costly bid/offer spread on top of payment charges.
Money Mover's new web application (www.moneymover.com) provides a secure, robust and accessible platform for making global payments. It combines low fees with high technology to deliver a service which is refreshingly transparent and upfront with its pricing.
Anderson commented, "We're really excited about our new service. Clients now know exactly what rates they're receiving and how much they're being charged to make international payments. One of our clients tells us that his company is saving $20,000 per year by using us rather than his bank".
While the service has only been live since October this year, Anderson already counts life sciences, technology and other financial services firms amongst his client base.
"Our clients were so busy innovating and concentrating on their core businesses that they hadn't realised how much money they were wasting on inefficient overseas payments. When we analysed some recent payments and made the costs clear, it made the business decision to move to us very simple."
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