As a small business with a global reach, iotec needs a secure and transparent way to make international payments to their ever-increasing network of global suppliers. By using Money Mover, a disruptive FinTech company offering a secure and transparent global payments service, the company found they could meet these objectives plus make significant financial savings in the process.

Iotec, which is headquartered in Plymouth, UK, has developed a ground breaking platform to enable efficient and intelligent digital advertising.  The automated system uses ‘machine learning’ to give clients a tool to deliver highly targeted online advertisements which helps businesses solve the problem of finding and engaging with new audiences at scale.

One of the key challenges for the company and many SMEs operating in a global marketplace is how to reduce the transaction fees and currency charges which are imposed by high street banks.  Rory Kindlon, CFO at iotec, had just accepted these charges as status quo until he came across Money Mover.

Rory explained, “Once you start analysing the hidden margin banks are charging on foreign payments and the transaction costs of these payments, you expose a significant cost in moving money between foreign bank accounts.” He continued, “The rate you’re given is not even discussed, let alone negotiable, and you are not informed by the bank when the payment is being made”.

In the first two months of using Money Mover, iotec saved approximately £1,000 and are expecting that this figure will be in the tens of thousands in the future.  “As a small business, this thought was astonishing” Rory commented. “At the moment our main transfer is to the US to pay invoices for Amazon Web Services (AWS). For anyone using [AWS] or similar, this is a no-brainer”.

It isn’t purely the savings which Rory and his team were impressed with. “We found Money Mover incredibly easy to set up and start to use”, he comments.  “It is a great website, extremely user friendly and the level of support from the team has been exceptional from day one”.

Payments to iotec's suppliers are sent almost immediately. The efficient tracking and referencing system set up by Money Mover ensures that both the client and beneficiary are kept informed as to when the payment has been made so time is not wasted on finding payments lost in the system.

As for the future, Rory continued, “We will definitely be continuing to use Money Mover to pay our suppliers as well as increasing our usage to the movement of funds within our bank from one currency to another, making further savings to the company.  For a small business these savings could cover the cost of one person in the finance team for a whole year”.

Earlier this year Money Mover produced a report - ‘Exposing the Hidden Cost of Moving Money Internationally’.  To download a copy of the report click here.