A money transfer firm has beaten a challenge to build a cheaper foreign currency exchange system for a leading bank.
Money mover CEO Hamish Anderson was asked to build an online dashboard for NatWest Bank based on the firm’s innovative cash transfer system.
After months of planning, the dashboard went live for NatWest customers in London and the South East for a six-month pilot, which was judged a resounding success.
“We were delighted to be chosen as NatWest’s partner for this important project,” said Anderson.
“We have always been confident that our platform and customer proposition is a game changer for SMEs. But this pilot has proved that we can operate at the highest level and, most importantly, that our technology; security; service and user experience is class-leading and ready to be deployed by other financial institutions.”
Pilot scheme success
Money Mover provides a lower cost foreign currency exchange platform for small businesses, sole traders and individuals.
A broad range of bank customers was chosen for the pilot, from sole traders with a turnover of £100,000 a year to larger SMEs.
NatWest also wanted to build custom features into the dashboard, such as the ability to switch off some features and currencies if required.
The pilot aimed to give NatWest customers an uncompromised secure, fast and reliable service powered by a white-label platform badged under the bank’s branding.
The white-label concept now allows Money Mover to offer the same service to other banks and financial insitutions.
Cheaper money transfer claims
The bank had realised that larger customers had several international money transfer options, but the market was restricted for small businesses. The test was if a better and cheaper service could be offered to them.
“NatWest, understandably, was not prepared to compromise on its high standards of security, compliance, reliability, speed and service, so the bar for the innovative fintech startup was set high,” said Anderson.
The Money Mover cloud service claims to cut the cost of foreign currency exchange for businesses.
“Banks make money through large, hidden exchange rate spreads. Money Mover is committed to reducing these spreads and making them transparent to our customers,” says the company website.