International payments specialist and foreign exchange provider Moneycorp has today acquired Thomas Cook’s corporate foreign exchange business, the latest move in the company’s significant expansion programme.
Thomas Cook Corporate Foreign Exchange provides international payment services to UK customers through wires (bank-to-bank payments) and the acquisition improves Moneycorp’s already strong foothold in SME export and import transactions, which reached a five year high in early 2013.
Additionally Thomas Cook CFX – which will adopt the Moneycorp brand – offers drafts, wholesale bank notes and emergency remittance services [provided by Moneygram], giving Moneycorp a clear opportunity to increase its volume of travel insurance claims settlements and international patent payments.
The acquisition will also help Moneycorp pursue growth across the legal and travel verticals, with existing Thomas Cook CFX customers to be transitioned to the new, broader service seamlessly from today.
Andrew Woolley, Executive Director CFX at Moneycorp said, “This is a tremendous acquisition for Moneycorp and excellent news for customers who will now benefit from a broader product range. Our corporate payments business has already shown double digit organic growth this year, and strategic acquisitions like this will help accelerate our plans to gain further market share and offer customers the best possible services.”