UK-based foreign exchange and international payment services provider moneycorp has completed the incorporation of US-based corporate international payments business, Commonwealth FX.
The foreign exchange company, which acquired Commonwealth FX in January this year, has aggregated the business with its existing US business on a single integrated and global payments platform.
moneycorp US CEO David Herrick said: “The US market is ripe for growth, and I’m excited for its prospects. Matching the moneycorp platform and products with our strong customer service ethos gives us the tools to win in the marketplace.”
The digital platform offers SME and midcap customers with access to a network of 17 international banks and advanced back-to-back hedging abilities, which cannot be used by large corporates.
Around moneycorp’s 4500 US clients will be shifted to the brand’s international payments platform, which offers services to around 14,000 businesses across the globe.
David Herrick will serve as CEO for the business in the US, and will help to expand the corporate and personal international payments business in the region. The business has six offices and 80 employees in the US.
Moneycorp said the US investment is an integral part of its international expansion strategy, which was also helped in operations set up in Brazil, Hong Kong and Dubai in the last 18 months
The US investment is an integral part of moneycorp’s international expansion strategy, which has also seen successful operations set up in Brazil, Hong Kong and Dubai in the last 18 months.
moneycorp group CEO Mark Horgan said: “This moment represents a real turning point for our US operations. We are successfully uniting our global operations on a single advanced digital platform to better serve our multinational and local market clients.
“For too long US businesses have had little choice but to rely on traditional banks when it comes to the provision of cross-border banking, payments and FX services.”
Based in London, moneycorp offers advanced structured foreign exchange specialist Moneycorp expands US presence products and manages multi-currency accounts across more than seven million customer transactions each year.