Digital transaction network Moneycorp is transferring its 4,500 U.S. customers to an international payments platform that serves more than 14,000 businesses globally.
The single-platform transfer is part of London-based Moneycorp's full integration of Commonwealth FX, a U.S.-based corporate international payments business it acquired at the start of the year —and part of a strategy to expand its U.S. market.
The digital payments platform provides small to mid-size businesses and midcap clients with access to a network of 17 international banks and advanced back-to-back hedging abilities that Moneycorp says is often available only to larger corporations.
Moneycorp provides foreign exchange products and multi-currency accounts across more than seven million customer transactions every year.
“The U.S. market is ripe for growth, and I'm excited for its prospects," David Herrick, who will lead the business at CEO in the U.S., said in a Wednesday press release. "Matching the Moneycorp platform and products with our strong customer service ethos gives us the tools to win in the marketplace."
Herrick will oversee six offices and 80 employees in the U.S., where Moneycorp views its investment as a key part of an international expansion strategy that has already built operations in Brazil, Hong Kong and Dubai in the last 18 months.
“This moment represents a real turning point for our U.S. operations," Moneycorp CEO Mark Hogan said in the release. "We are successfully uniting our global operations on a single advanced digital platform to better serve our multinational and local market clients.
U.S. businesses have relied on traditional banks for too long regarding cross-border banking, payments and FX services, Hogan added. "Merging our U.S. brands makes us the leading choice for customers whether they require bulk international payments or risk management and hedging.”
Moneycorp Inc. is licensed across 46 U.S. states.
