News: Inter Currency Payments take space at Fusion
Inter Currency Payments, a foreign exchange broker and money transmitter, has moved into RiDO's Fusion @ Magna Business Centre in Rotherham.
The enterprise is the only independent dedicated foreign exchange broker in Yorkshire and has recently received confirmation that it has been approved by both HM Revenue & Customs and the Financial Services Authority to conduct its intended business.
Inter Currency Payments has been established by former students of Sheffield Hallam University who had been previously been working in various areas of the financial services sector.
The main aim of the company is to lower the costs of foreign exchange and money transmission for companies based within the Sheffield city region that are either paying above the odds to the high street banks or have not yet developed an export strategy for their firms.
The company not only has direct access to the inter-bank foreign exchange market but also utilises its own propriety aggregation technology to lower foreign exchange costs for companies in the region.
A recent quote issued to one local company on a US $50,000 transaction resulted in a saving of £1,855 compared to the rate quoted by their bank. Another client saved £1,532.35 on a €39,900 transaction compared to high street bank rates.
HM Revenue & Customs have approved Inter Currency Payments under The Money Laundering Regulations 2007 to operate as a Money Service Business.
The Financial Services Authority has also approved Inter Currency Payments under the Payment Services Regulations 2009 for the provision of payment services.
These authorisations mean that the company is now able to offer a full service package to clients, including foreign exchange transactions and international remittance of funds.
Richard O' Brien, director at Inter Currency Payments, said: "This is absolutely fantastic news and testament to our business model that we have been approved by both HMRC and the FSA without any problems.
"This comes just a week after announcing our agreement with RIDO over office space, although several months after our first official filing with HMRC."
"These governmental approvals from HMRC and the FSA were the last piece in the jigsaw to enable us to commence trading and provide foreign exchange services to companies in the region.
"We now look forward to working with SMEs in the county and demonstrating just how much money we can save them on their foreign exchange transactions."
Located in Templeborough, Fusion is one of four business centres operated by Rotherham Investment & Development Office (RiDO), the regeneration arm of Rotherham Metropolitan Borough Council. The centres provide a secure and supportive environment in which new-start businesses can successfully develop their business.
Companies enjoy easy in / easy out terms without being tied into long lease arrangements and modern, professional premises that help enhance the image of their business, but without the high costs such amenities usually command.
Inter Currency Payments
RiDO website
Images: RiDO
The enterprise is the only independent dedicated foreign exchange broker in Yorkshire and has recently received confirmation that it has been approved by both HM Revenue & Customs and the Financial Services Authority to conduct its intended business.
Inter Currency Payments has been established by former students of Sheffield Hallam University who had been previously been working in various areas of the financial services sector.
The main aim of the company is to lower the costs of foreign exchange and money transmission for companies based within the Sheffield city region that are either paying above the odds to the high street banks or have not yet developed an export strategy for their firms.
The company not only has direct access to the inter-bank foreign exchange market but also utilises its own propriety aggregation technology to lower foreign exchange costs for companies in the region.
A recent quote issued to one local company on a US $50,000 transaction resulted in a saving of £1,855 compared to the rate quoted by their bank. Another client saved £1,532.35 on a €39,900 transaction compared to high street bank rates.
HM Revenue & Customs have approved Inter Currency Payments under The Money Laundering Regulations 2007 to operate as a Money Service Business.
The Financial Services Authority has also approved Inter Currency Payments under the Payment Services Regulations 2009 for the provision of payment services.
These authorisations mean that the company is now able to offer a full service package to clients, including foreign exchange transactions and international remittance of funds.
Richard O' Brien, director at Inter Currency Payments, said: "This is absolutely fantastic news and testament to our business model that we have been approved by both HMRC and the FSA without any problems.
"This comes just a week after announcing our agreement with RIDO over office space, although several months after our first official filing with HMRC."
"These governmental approvals from HMRC and the FSA were the last piece in the jigsaw to enable us to commence trading and provide foreign exchange services to companies in the region.
"We now look forward to working with SMEs in the county and demonstrating just how much money we can save them on their foreign exchange transactions."
Located in Templeborough, Fusion is one of four business centres operated by Rotherham Investment & Development Office (RiDO), the regeneration arm of Rotherham Metropolitan Borough Council. The centres provide a secure and supportive environment in which new-start businesses can successfully develop their business.
Companies enjoy easy in / easy out terms without being tied into long lease arrangements and modern, professional premises that help enhance the image of their business, but without the high costs such amenities usually command.
Inter Currency Payments
RiDO website
Images: RiDO
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