CorporatePay

CorporatePay’s currency card, my Travel Cash, is pleased to announce it has entered into a new partnership with the recently launched currency exchange comparison site, www.currencyexchange-uk.co.uk.  The Currency Exchange Site will support CorporatePay’s my Travel Cash products through its ongoing promotion of currency cards as a safe and cost-effective way to take money overseas, as well as directly promoting my Travel Cash’s euro and dollar currency cards as a MTC affiliate. 

This relationship will allow CorporatePay to leverage The Currency Exchange Site’s position as one of the few travel money-focused comparison sites in the UK market.  The website allows users to browse FX rates and fees for prepaid currency cards (USD, Euro and GBP cards) as well as travel money, and travellers cheques alongside recommendations and tips for saving money while abroad.

MyTravelCash, set up by CorporatePay, aims to become the market leader in foreign exchange services to the online travel community.

MyTravelCash is a prepaid MasterCard available in euros and US dollars.

Endacott got involved with the company after On Holiday Group began discussing possible business opportunities with CorporatePay.

He was then approached by CorporatePay chief executive Myles Stephenson to help expand MyTravelCash within the trade.

Endacott said his background as a director at MyTravel and Going Places means he understands the foreign exchange market.

He added: ‘The complexity of handling physical cash, combined with the logistical problems in delivering cash to customers, initially led me to rule it out as an option for On Holiday Group’s online business model.

‘However the development of the prepaid FX card sector, which I have been monitoring closely, captured my interest.’

Stephenson said: ‘It is fantastic to have Steve involved in our venture to provide first-class travel industry knowledge and experience as well as delivering unique market access for the distribution of our MyTravelCash product.’ 

http://www.e-tid.com/News-Home/Endacott’s-in-the-money.aspx 

A new pre-paid holiday card that claims to substantially undercut rivals sold on the high street is to launch to the trade. MyTravelCash functions as a debit and credit card in euros and dollars. It will be launched on June 15 by pre-paid card provider CorporatePay, which claims it can undercut other cards' charges because it does not have the costs of bricksand-mortar foreign exchange bureaux and staff. It will be a rival to existing pre-paid holiday cards, such as the one recently launched by Thomson and First Choice.

MyTravelCash will target independent agents, including dynamic packaging specialists, to sell the cards to consumers online. Agents will be paid commission to direct customers from their websites to the MyTravelCash website to order the cards.

Talks will be held with highstreet agents regarding stocking the cards in their shops. The company hopes to sell 50,000 cards in the fi rst year. Steve Endacott, non-executive director for CorporatePay, said online and independent agents were missing out on a sizeable income by not selling foreign exchange. He claimed high-street multiples can earn around a third of their income from foreign exchange sales. He estimated £1,200-£1,400 is spent per party during a seven-night holiday. With about five million passengers thought to buy a dynamic package each year, he estimated there was about £2.5 billion in turnover to be made. He said: “Most people spend as much money on holiday as they spend buying the holiday.” 

Endacott claimed changing money at the airport included a charge of as much as 8% as a result of the mark-up between the exchange rate the airport off ers, and the real interbank exchange rate, while travel retailers were charging around 5%, and banks around 3%. MyTravelCash charges about 2%.It is advertising €1,000 for £80 lessnthan competitors.“By cutting out the majority of the marketing costs, we can off er [cards] at a cheaper cost to consumers,” said Endacott. On Holiday Group’s consumer site Fresh Holidays will be among those selling the cards online, while it is looking at ways to sell them through trade site holidaybrokers.co.uk.

“You can target customers by email at the right time before they go on holiday,” he added. CorporatePay chief executive Myles Stephenson said cards could be used in shops and restaurants, or to withdraw money from cash machines.

Press release (PDF 846kb)

Steve Endacott has joined the Board of CorporatePay’s new venture, MyTravelCash, as a non-executive director.

The MyTravelCash Card is a prepaid MasterCard available in Euros and US Dollars.

MyTravelCash is backed by active venture investors, Blenheim Chalcot and uses the infrastructure of CorporatePay, a prepaid card provider offering a range of inbound and outbound travel currency solutions for business and individual users.

The new venture aims to become the market leader in the provision of foreign exchange services to the rapidly expanding online travel community.

The On Holiday Group is in the process of incorporating prepaid FX cards into its customer contact strategy and intends to start signing customers up from the middle of June.

http://www.eyefortravel.com/news/europe/endacott-joins-board-mytravelcash

Steve Endacott has joined the Board of CorporatePay’s new venture, MyTravelCash, as a non-executive director.

The MyTravelCash Card is a prepaid MasterCard available in Euros and US Dollars. 

MyTravelCash is backed by active venture investors, Blenheim Chalcot and uses the infrastructure of CorporatePay, a prepaid card provider offering a range of inbound and outbound travel currency solutions for business and individual users. 

The new venture aims to become the market leader in the provision of foreign exchange services to the rapidly expanding online travel community. 

The On Holiday Group is in the process of incorporating prepaid FX cards into its customer contact strategy and intends to start signing customers up from the middle of June.

http://www.m-travel.com/news/2009/06/endacott-joins-the-board-of-mytravelcash.html

Steve Endacott the entrepreneur behind travel start-ups such as On Holiday Group, Holiday Taxis and Click with Technology has joined the Board of CorporatePay’s new venture, MyTravelCash, as a Non-Executive Director. The MyTravelCash Card is a prepaid MasterCard® available in Euros and US Dollars.

MyTravelCash is backed by active venture investors, Blenheim Chalcot and uses the infrastructure of CorporatePay a prepaid card provider offering a range of inbound and outbound travel currency solutions for business and individual users. The new venture aims to become the market leader in the provision of foreign exchange services to the rapidly expanding online travel community.

Steve Endacott comments, “Given my previous experience in running Going Places during my time at MyTravel, I am well aware of the opportunity provided by Foreign Exchange. The complexity of handling physical cash, combined with the logistical problems in delivering cash to customers, initially led me to rule it out as an option for On Holiday Group’s online business model. However the development of the prepaid FX card sector, which I have been monitoring closely, captured my interest”

Endacott explained how On Holiday Group had recently held a full tendering process for FX services where it looked at all the leading players’ offerings. It found that beyond sales and marketing CorporatePay offered a flexible technology platform and a real understanding of the travel industry which On Holiday Group expects from a business partner.

MyTravelCash, although a new player, has built its technology platform itself and was willing to listen to On Holiday Group’s suggestions and provide a solution specifically tailored to its combination of trade, online and call centre based fulfilment channels. It also offered a “Net” pricing model, which allowed On Holiday Group to manage the yield it made on transactions so that it could guarantee that it was always competitive in the highly lucrative FX sector.

Endacott having worked closely with the MyTravelCash management team was approached to be a Non Executive Director to help grow the project within the travel trade.

Commenting Endacott said, “I liked the business so much that I tried to buy it, but unfortunately they did not want to sell!!” Becoming a Non Executive Director allows me to input into the direction of the business and shape the development of what will undoubtedly become a substantial income source for the On Holiday Group”

Myles Stephenson, CEO CorporatePay commented, “It is fantastic to have Steve involved in our venture to provide first class travel industry knowledge and experience as well as delivering unique market access for the distribution of our MyTravelCash product”.

The On Holiday Group is in the process of incorporating prepaid FX cards into its customer contact strategy and intends to start signing customers up from the middle of June.
http://www.smartcardstrends.com/det_atc.php?idu=9525

UK prepaid card programmes provider CorporatePay has partnered with Small World Financial Services Group, a group of retail financial services businesses, to launch a prepaid MasterCard card programme for Small World's customers. 

As part of the project's initial phase which debuts in March 2009, the first prepaid MasterCard-branded cards will be developed for LCC and Global Link, two companies which are part of the Small World group. The cards are to be issued via UK financial services provider Newcastle Building Society, will carry the LCC brand and are to be distributed via LCC's UK network of branches and agents as well as online.

The prepaid MasterCard card is to provide cardholders with the possibility to share, spend and withdraw money, as well as access services provided by Small World businesses, such as Money Transfer and Cheque Cashing. Small World offers customers prepaid debit cards services, cheque cashing and bureau de change. The group also provides money transfer services worldwide via a number of brands, including LCC, UNO Money Transfer, Global Link International, Express Funds, Universal de Envios and Bayba. 

http://www.thepaypers.com/news/article.aspx?cid=737540

CorporatePay is pleased to announce its partnership with the Small World Financial Services Group to provide a prepaid MasterCard card.
 

Small World has quickly grown to be one of the largest money transfer operators in Europe, sending money to over 100 countries worldwide through a number of brands, including LCC, UNO Money Transfer, Global Link Inernational, Express Funds, Universal de Envios and Bayba.

The first card programme, issued through Newcastle Building Society, will go live in March 2009 carrying the LCC brand and will be distributed through LCC's UK network of branches and agents, soon to be extended to its web site.

Myles Stephenson, CEO of CorporatePay commented: "Small World is an exciting group with impressive international growth. This prepaid card will be a great benefit to many of their customers; it will give them access to simple functions such as being able to share, spend and withdraw money.

The primary services that Small World businesses offer are Money Transfer and Cheque Cashing, and it's simple to see how an easy-to-use prepaid card will be welcomed by their customers.

The first card programmes will be for LCC and Global Link, two of the larger companies in the group. We expect several thousand cards to be issued during 2009 through these businesses alone, and we will continue to roll out the card programmes across the other subsidiaries.
Small World businesses approach every international community with respect, sincerity and honesty; CorporatePay is proud to be selected as partner and looks forward to an enjoyable and productive relationship."

Nick Day, Managing Director of Small World commented: "The launch of our prepaid MasterCard card was a priority for Small World during 2009. There is a clear demand from our customers, and this enables us not simply to offer them an additional service, but to become the solution of choice for European ethnic communities looking for retail financial services.

CorporatePay has a clear pedigree in delivering prepaid card programmes, and this was a key factor for us in selecting a partner who can support us through our growth. Honesty and professionalism are important to us and our customers, and we felt that the openness and level of knowledge within CorporatePay set them apart from their competition."

http://www.finextra.com/fullpr.asp?id=26533

CorporatePay is pleased to announce its partnership with the Small World Financial Services Group to provide a prepaid MasterCard card. Small World has quickly grown to be one of the largest money transfer operators in Europe, sending money to over 100 countries worldwide through a number of brands, including LCC, UNO Money Transfer, Global Link Inernational, Express Funds, Universal de Envios and Bayba .

The first card programme, issued through Newcastle Building Society, will go live in March 2009 carrying the LCC brand and will be distributed through LCC’s UK network of branches and agents, soon to be extended to its web site.

Myles Stephenson, CEO of CorporatePay commented:

“Small World is an exciting group with impressive international growth. This prepaid card will be a great benefit to many of their customers; it will give them access to simple functions such as being able to share, spend and withdraw money.

The primary services that Small World businesses offer are Money Transfer and Cheque Cashing, and it's simple to see how an easy-to-use prepaid card will be welcomed by their customers.

The first card programmes will be for LCC and Global Link, two of the larger companies in the group. We expect several thousand cards to be issued during 2009 through these businesses alone, and we will continue to roll out the card programmes across the other subsidiaries.

Small World businesses approach every international community with respect, sincerity and honesty; CorporatePay is proud to be selected as partner and looks forward to an enjoyable and productive relationship.”

Nick Day, Managing Director of Small World commented:

“The launch of our prepaid MasterCard card was a priority for Small World during 2009. There is a clear demand from our customers, and this enables us not simply to offer them an additional service, but to become the solution of choice for European ethnic communities looking for retail financial services.

CorporatePay has a clear pedigree in delivering prepaid card programmes, and this was a key factor for us in selecting a partner who can support us through our growth. Honesty and professionalism are important to us and our customers, and we felt that the openness and level of knowledge within CorporatePay set them apart from their competition.”

http://www.allpaynews.com/content/corporatepay-and-small-world-team-launch-lcc-prepaid-mastercard%C2%AE