Money Exchanger

Exchange and remittance software from a vendor that does not handle the money

FinTech Crowd positions itself as a technology partner for businesses that exchange currency or send money abroad. Its Money Exchanger product, sold as Money Exchanger Plus, is software for those firms, and the company is firm about the limit of its role: it states that it is a software company, not an FCA or HMRC approved payment processor, and that it does not carry out exchange, transfer or payment acquiring itself.

Currency exchange

The exchange side pairs a point of sale handling many currencies with built-in accounting, aimed at the full range of money service businesses. The company lists currency converter, exchange rate, bureau de change and online forex software among its better-known packages. Customers are told they get exchange-rate and market information as it arrives, so staff do not need to look elsewhere for current rates.

Remittance

For money transfer businesses, the software is said to open access to potentially 550 pay-out locations through a third party. Whether those locations are usable depends on the customer's own agreements with the third parties. The vendor adds that the turnover figures on its site are a rough estimate of what customer-owned platforms might handle, that it does not monitor them, and that it takes no commission on exchange transactions. For transfers, most businesses can be covered by the monthly or yearly support fee alone.

Compliance and record keeping

The company stresses that money service businesses need to meet EU and FSA regulations. Its pitch is an automated system that keeps adequate records and helps manage customers, so a firm can concentrate on growing rather than on paperwork. The solutions are described as bespoke to the client's circumstances.

How an engagement runs

Work is organised in four stages: on-boarding, consulting to assess what the client needs, implementing the chosen system, and expanding the business with an expert support team. The vendor says its staff are specialists in the particular packages it supplies, that service technicians help restore operation after a fault, and that a customised demonstration can be requested before buying. The site also hosts a stream of market commentary, which is separate from the product itself.

Money Exchanger, sold as Money Exchanger Plus, is foreign exchange software made by FinTech Crowd. It is aimed at money service businesses that need an automated way to keep records and run exchange or transfer operations.

What Money Exchanger does

• Currency exchange software: multi-currency point of sale with integrated accounting.
• Remittance software: software for money transfer businesses, with pay-out access through third parties.
• Record keeping: automated records aimed at meeting EU and FSA regulations.
• Consulting and set-up: help assessing needs, implementing and running the business afterwards.

Customers and markets

Money service businesses, including exchange and money transfer firms. FinTech Crowd stresses that it is a software company only: it does not exchange, transfer or process money, and is not an FCA or HMRC regulated payment organisation.

Key facts

• Vendor: FinTech Crowd
• Pay-out reach: potentially 550 locations via a third party, depending on the customer's own agreements