A new peer to peer Foreign Exchange Service and International Payments Platform is announced today. Midpoint.com enables businesses and individuals to save money by using a currency exchange matching service, providing industry low rates and a flat, transparent fee structure.
For example, a business exchanging £5,000 into Euros each week could typically experience savings of more than 2% with Midpoint, a £100 saving per transaction. This activity level would offer customers around £5,000 a year saving over traditional currency exchange methods.
Midpoint’s patented technology was the first to ‘match’ foreign exchange requirements for individuals and companies in Euros, US Dollars and Sterling. For example,Midpoint matches an order to buy British pounds with Euros, to an order that buys Euros with British pounds. By directly matching businesses and individuals with opposite currency needs, Midpoint is able to eliminate the ‘spread’ or ‘margin’ component from all transactions. This is the mechanism by which current providers generate hundreds of millions in profits each year in the global foreign exchange markets.
With Midpoint, at the time of the match both parties receive the same exchange rate – the mid point – the real time Interbank buy and sell rate. This ensures Midpoint’s rates are the best available and as a result, customers save money on each and every currency exchange, paying only a clear and transparent fee to use the service.
Commenting on the announcement Mike Hampson, Midpoint Managing Director said “Millions of people buy and sell currency every day, mostly via traditional, higher cost options. We want to shake up the currency exchange market, motivating small businesses, individuals, overseas students, foreign holiday home owners, importers and exporters to switch and focus on the actual rate and demand a fair, secure and transparent approach to currency exchange.
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“The rates set by banks and brokers often obscure the underlying charges, favouring large corporates who conduct large transactions.This scenario discriminates against smaller and infrequent users -small businesses and individuals, hence our approach to target these users first. With Midpoint, everyone receives the same, fair, industry leading exchange rate. We anticipate the most frequent currency amounts exchanged with Midpoint will be within the £1,000 – £30,000 range, but all users can benefit from this service.”
Midpoint customers do not need to pre-fund their account. Money is securely transferred when the match is confirmed – guaranteed within 24 hours. This can benefit organisations sensitive to short term cash flow, whilst keen to secure the very best currency exchange rate for their business.
Midpoint successfully trialled its service with a range of businesses and individuals experienced in currency exchange. One of these first customers, Meena Bhandari, Finance Manager at Radium One commented: “Midpoint is an excellent platform to exchange large amounts of money. They offer extremely competitive rates – close to the spot rate. Their service is easy to use, efficient and invaluable to my business. Put simply, Midpoint saves our organisation money.”
The team behind Midpoint brings a wealth of complementary skills to the business: Mike Hampson, Midpoint Managing Director has substantial experience in international finance and banking. He will be responsible for the overall direction of the business and for regulatory activities. Brad Lemkus, Midpoint Operational Director enjoyed success as an entrepreneur and importer and at Midpoint will be responsible for the development of the system and operations.
Midpoint is initially offering customers the ability to match and exchange in US Dollars, Sterling and Euros, more currencies will be added as the business grows. New users can register now at www.midpoint.com and enjoy the access, flexibility and cost savings of a non pre-funded matching currency exchange account.
Midpoint charges a minimum fee of £10 plus £5 per additional £1,000
Midpoint is authorised and regulated by the Financial Conduct Authority (FCA).
Registered in England & Wales – Company No. 06302237
Registered with the FCA Registration No. 567209
HMRC Money Laundering Registration No. 12358512