Moneycorp is a British

payment A payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desir ...

company that provides

foreign exchange The foreign exchange market (forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. By trading volume, it i ...

and global payment services to individual and corporate customers. The company was founded in London in 1979. Its clients include individuals, corporations, and other financial institution. It has a branches in the United Kingdom, North America,

Europe Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south, and Asia to the east ...

, Asia and a number of other countries. Moneycorp offers payments in over 120

currencies A currency is a standardization of money in any form, in use or currency in circulation, circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a ''system of money'' in common use wi ...

through services that include foreign exchange spot,

forward Forward is a relative direction, the opposite of backward. Forward may also refer to: People *Forward (surname) Sports * Forward (association football) * Forward (basketball), including: ** Point forward ** Power forward (basketball) ** Smal ...

contracts, and option contracts. Moneycorp uses payments technology, which include liquidity providers,

API An application programming interface (API) is a connection between computers or between computer programs. It is a type of software interface, offering a service to other pieces of software. A document or standard that describes how to build ...

-integrations for mass payments, and a self-service platform.

History

Foundation and early years

The company was established in 1962 under the name of David Leslie Jewellers (Oxford Street) Limited in London. It changed its name to Town Tickets and Tours Limited in December 1979, then to TTT Moneycorp Limited in April 1993. Since 2008 it has used the brand name moneycorp, dropping the TTT as part of a rebranding. It operated

bureau de change A bureau de change (plural bureaux de change, both ; British English) or currency exchange (Comparison of American and British English, American English) is a business where people can exchange one currency for another. Nomenclature Original ...

sites and traditional

retailer, delivering services for individuals at locations in

central London Central London is the innermost part of London, in England, spanning the City of London and several boroughs. Over time, a number of definitions have been used to define the scope of Central London for statistics, urban planning and local gove ...

, competing with the local banks. It later expanded its retail division into several airports. In early 2000, Moneycorp expanded throughout the U.K. as it began to provide international payment capabilities for private clients, followed by a focus on corporate clients. During this time, Moneycorp pivoted towards a focus on

technology Technology is the application of Conceptual model, conceptual knowledge to achieve practical goals, especially in a reproducible way. The word ''technology'' can also mean the products resulting from such efforts, including both tangible too ...

and payments through licensing and technology upgrades. In December 2006 the

Royal Bank of Scotland The Royal Bank of Scotland Public Limited Company () is a major retail banking, retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest and Ulster Bank. The Royal Bank of Sco ...

(RBS) Special Opportunities Fund became a significant shareholder in the Group, as it purchased a stake from the Shlewet Family Trust, the company's former owners, becoming the sole institutional investor in the Group, with a total shareholding of 99.9% in November 2011. After 8 years moneycorp was bought by Bridgepoint for £212 million.

International expansion

In 2014, it expanded internationally, obtaining money service business licences across Spain,

Romania Romania is a country located at the crossroads of Central Europe, Central, Eastern Europe, Eastern and Southeast Europe. It borders Ukraine to the north and east, Hungary to the west, Serbia to the southwest, Bulgaria to the south, Moldova to ...

, and the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

. Moneycorp also obtained banking licences in Brazil and

Gibraltar Gibraltar ( , ) is a British Overseas Territories, British Overseas Territory and British overseas cities, city located at the southern tip of the Iberian Peninsula, on the Bay of Gibraltar, near the exit of the Mediterranean Sea into the A ...

, creating Moneycorp Banco de Cambio and Moneycorp Bank, respectively. A few years later, the company also obtained Money Service Business licences in Hong Kong in 2018 and in

Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of coun ...

in 2020. In November 2019, Moneycorp became the first of two non-U.S. bank members of the United States Federal Reserve's Foreign Bank International Cash Services (FBICS) program, providing Moneycorp direct access to Federal Reserve U.S. dollar currency services. This relationship with the U.S. Federal Reserve acts as a payments gateway for international financial institutions via Moneycorp’s Financial Institutions Group (FIG). Moneycorp FIG focuses on enabling safe distribution of

banknotes A banknote or bank notealso called a bill (North American English) or simply a noteis a type of paper money that is made and distributed ("issued") by a bank of issue, payable to the bearer on demand. Banknotes were originally issued by commer ...

to institutions globally, promoting repatriation and recirculation of banknotes. Through Moneycorp FIG, the company has built a customer base of

financial institutions A financial institution, sometimes called a banking institution, is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking, there are three major types of financial ins ...

including

commercial Commercial may refer to: * (adjective for) commerce, a system of voluntary exchange of products and services ** (adjective for) trade, the trading of something of economic value such as goods, services, information or money * a dose of advertising ...

and

central banks A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monet ...

Technical development

Throughout its expansion, Moneycorp continued to enhance its technical innovations as well as develop payment technology, while keeping a focus on security and compliance through its financial crime monitoring systems, compliance, and segregation of client funds. By 2022, Moneycorp stated it had more than 40,000 customers and sent payments to over 190 countries. The company had more than 150 partners internationally.

Services

Throughout the various trading divisions, Moneycorp offers its clients: * International Payments * FX Risk Management Strategies * Mass Payments & APIs * Multi-currency Wallets * Wholesale Banknotes * International Bank Accounts * Notice Accounts *

Deposit Accounts A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below. ...

* Prepaid Explorer Cards by MasterCard

References

External links

Brokerpedia
{{DEFAULTSORT:Moneycorp Foreign exchange companies Companies based in the City of Westminster Financial services companies of the United Kingdom 1962 establishments in England Financial services companies established in 1962 Multinational companies headquartered in England Payment systems