Notes on a virus

Posted on the 30th June 2020 by Hamish Anderson in Founders' blog, Business, Finance

Coronavirus image

The impact of Covid-19 on Money Mover users

I thought it would be interesting to take a look at the changes in activity that we’ve observed amongst our SME (small and medium-sized enterprise) users over the last few months pre- and post-lockdown. While different countries acted at different times, lockdown in the UK started on 23 March 2020.

As Money Mover is still very much in a growth phase, we expect to add users, increase our volume and number of payments every month. Therefore our reference points are the prior month and the same month in previous years.

Continue reading

Money Mover drags payment tracking into the 21st Century

Posted on the 7th May 2020 by Hamish Anderson in Founders' blog, Finance, Money Mover News, News

Payment Tracking Blog Compass

I remember how exciting it was when I first encountered package tracking from one of the major parcel delivery firms. Knowing the exact location of my order on its journey to me felt like a big deal. Not only was it interesting to follow its progress but, knowing that it was on its way and when it would arrive somehow made you feel that you could get on with your life in the meantime.

In comparison, cross-border payment tracking has left a lot to be desired. However, the Money Mover Team has always been motivated by challenging convention, and our latest innovation is set to bring payment tracking bang up to date.

Continue reading

Making Sense of the Metro Bank Remedies Bungle

Posted on the 29th February 2020 by Hamish Anderson in Founders' blog, SME blog, Business, Finance, Founder Insights

Metro Bank Branch in Borehamwood, London

Do you recall the controversy surrounding the £120m award to Metro Bank from the RBS Capability & Innovation Fund almost exactly a year ago? Eyebrows were raised at the time for several reasons. Firstly, observers and other participants in the process struggled to grasp how committing to opening additional bank branches in the north of England qualified as "developing more advanced business current account offerings", however worthy the intention. Secondly, throwing £120m at an institution which, days before, had owned up to a £900m hole in its balance sheet, had the most open-minded amongst us scratching our heads.

Continue reading

How long do international bank transfers take?

Posted on the 18th February 2020 by Alex Garbutt in Team blog, SME blog, Finance

How long do international payments take

International bank transfers are a simple and effective way of paying someone overseas. However, there’s a lot that goes on behind the scenes and several factors that determine how long it takes for an international bank transfer to arrive with its recipient.

Continue reading

Don’t be a victim - how to beat the scammers

Posted on the 27th January 2020 by Alex Garbutt in Team blog, SME blog, Finance

Don’t be a victim - how to beat the scammers

The amount of money stolen by criminals through ever more sophisticated bank transfer scams is on the rise. In the first half of 2019, £208 million was lost to ‘Authorised Push Payment (APP)’ fraud - scams where customers are tricked into authorising payments to an account controlled by a criminal. This highlights the need always to be vigilant when making a payment, whether domestic or international.

Continue reading

Why banks treat alternatives managers as second-class citizens

Posted on the 20th November 2019 by Hamish Anderson in Founders' blog, SME blog, Business, Finance, Founder Insights

Alex & Andrew Office

Money Mover has now been an AIMA (Alternative Investment Management Association) partner for just over a year. I was chatting to delegates at its recent Spotlight on Raising Assets event in London and it occurred to me that I hadn’t ever explained why this partnership is so important to us and what we think it brings asset managers.

Continue reading

How crisis can provoke competition

Posted on the 11th October 2019 by Hamish Anderson in Founders' blog, SME blog, Finance

RBS Signage JPG

Part 1 - A banking crisis

Good things can sometimes result from the direst situations.

Let’s cast our minds back to September 2007. The financial world was in turmoil and there were queues of anxious customers outside the branches of the most respected names in high street banking.

Under the leadership of its controversial chief executive Fred 'the Shred' Goodwin, The Royal Bank of Scotland (RBS) had been acquiring competitors aggressively and was briefly the biggest bank in the world. It was the darling of the UK stock market and feted by government and industry alike as a poster child of achievement in the sector.

However, the 2008 financial crisis signalled a dramatic reversal in its fortunes.                         

Continue reading

Looking Back

Posted on the 7th June 2018 by Amanda Nunn in Team blog, SME blog, Finance

MM 4th Birthday Cake

The 9th June marks four years since Money Mover made its first customer payment. It’s fair to say that a lot has changed in that time; both in terms of the business and the FinTech landscape.

So here’s our quick snapshot of what’s changed, how we’ve grown and what we’ve learnt along the way.

Continue reading

Open Banking - what is it, and why do I care?

Posted on the 26th April 2018 by Hamish Anderson in Founders' blog, Business, Finance

Open Banking

By now you’ve probably heard about open banking. You may have even received a cryptic letter from your bank, asking for permission to do all sorts of things, and are wondering what all the fuss is about.

What is Open Banking?

As Money Mover users and supporters, you’ll probably agree with me that banking has been dominated by a small number of large players for too long.

Open banking seeks to change this by making it easier for to work with other banks and financial institutions, whether it’s to switch accounts or access new products and services.

The point of all this is to encourage innovation and improve competition in the financial sector.

Continue reading

Daylight Savings? Or is your current provider committing daylight robbery?

Posted on the 27th March 2018 by Giles Hutson, CEO of Insignis Cash Management in SME blog, Business, Finance

Insignis Cash Management cash register 804x491

Whether saving for a rainy day, a future business purchase or an inevitable tax bill; businesses and individuals can earn better interest on their cash reserves.

Money Mover  invited Giles Hutson, the co-founder and Chief Executive of fellow Cambridge FinTech, Insignis Cash Management to talk about how to generate better returns from excess cash.

Continue reading

Deeds Not Words

Posted on the 26th February 2018 by Amanda Nunn in Team blog, SME blog, Business, Finance

Amanda Nunn - Partnerships ManagerThe 6th February 2018 marked 100 years since the Representation of People Act - a watershed moment in history, which allowed women in the UK to vote for the first time.

Amanda Nunn, Money Mover's Partnerships Manager, asks how much has changed in the way of gender equality since then, and whether innovative businesses will be instrumental in leading the way for gender equality in the work place.

Continue reading

GBP since the rates rise - why raising interest rates doesn't always boost a currency

Posted on the 26th November 2017 by Hamish Anderson in Founders' blog, Finance

Mark Carney BOE

At midday on the 2nd of November the Bank of England raised its base lending rate for the first time in more than 10 years. The UK has been languishing in an unprecedented cycle of consecutive interest rate reductions, which ultimately had to reverse. Even so, the vote by the Monetary Policy Committee - the body which decides on how the UK’s interest rates should move - was divided, with 7 votes recommending the rise and two urging that things should remain the same. So what’s happened to exchange rates since the rise, and how did the comments of the Governor of the Bank of England -Mark Carney - influence the currency markets?

Continue reading

Why cryptocurrencies don’t add up for Money Mover and its customers

Posted on the 3rd October 2017 by Hamish Anderson in Founders' blog, Business, Finance, Founder Insights

Bitcoin image for cryptocurrency blog

I’ve just returned from a UK FinTech Trade Mission to Japan which coincided with the Tokyo FinTech Summit (Fin/Sum Tokyo).

A topic which came up frequently in formal presentations, panel sessions and discussions with delegates, was cryptocurrencies. No doubt this was because of the news that Japanese banks are setting up their own digital currency - J-Coin. Indeed, one Japanese FSA employee I chatted with was just about to head off to California on a mission to absorb all things cryptocurrency.

I had the chance to consider my position and thoughts on cryptocurrencies, particularly with regards to our business at Money Mover, and I thought I’d share these with you.

Continue reading

One price on the shelf and another at the checkout…

Posted on the 29th August 2017 by Alex Garbutt in Team blog, SME blog, Business, Finance

Transparent international payments and foreign exchange pricing

The Financial Conduct Authority (FCA) is cracking down on Payments and e-Money Institutions that are using currency conversion tools in a “potentially misleading” way.

Continue reading

Leading the world in financial innovation

Posted on the 11th April 2017 by Dorianne Sager in Business, Finance, Money Mover News

UK to lead World in financial innovation with annual conference

The UK is the world’s leading FinTech hub, generating more than £6.6 billion revenue and employing over 61,000 people. To support this growing sector and cement Britain’s position as the global FinTech capital, the UK government is hosting a new, annual FinTech conference on April 12th to showcase the country’s FinTech talent.

Continue reading

The effect of Brexit on international payments and transfers - managing currency risk

Posted on the 16th February 2017 in Business, Finance

The Brexit vote cause the GBP to USD exchange rate to fall to a three decade low

As the shock of last June’s vote to leave the European Union slowly wears off, the reality of a post-Brexit Britain is starting to emerge. The pound dropped to its lowest value in 31 years directly after the referendum and is currently hovering around £1.22 to the dollar. Once Article 50 is triggered sometime in March, official divorce proceedings will begin. Like any divorce, ending the relationship between Britain and the EU is guaranteed to be an emotional and drawn out negotiation. During this time, the one currency everyone will be trading in is uncertainty.

Continue reading