Facebook’s newest money transfer software could bring benefits to africans

Along with the recent news that Facebook is planning on further developing, refining and extending their money transfer service which has recently found its way into the social network’s messaging platform comes a series of intriguing development opportunities for nations around the world who could use these innovations to further their own economic agendas. In Africa, for example, Facebook’s announcements regarding the future of online payments has been met with extreme enthusiasm, due in large part to the fact that the relatively scarce number of competitors within the African money transfer market has allowed those with a foothold to raise prices and fees without fear of competition.

Internet penetration within the African continent has always been a deterrent to investment from high-tech companies. That being said, an increasing number of individuals within Africa are gaining access to internet connections, making the long-term viability of Facebook’s mobile payment system in this region of the world seem all the more assured.

If Facebook were to solidify their presence within this particular arena, Africans would not only benefit from the new services provided to them, but also by the resulting decrease in fees that Facebook’s competitors would be forced to adopt in order to retain their pre-existing, likely disgruntled customer base. Price wars have always worked in favour of the consumer, and this particular scenario would likely be no different.

Given the fact that the African currencies have long been dramatically undervalued compared to their Western counterparts, the fees charged by pre-existing payment services have often severely hampered the efforts of Africans attempting to send money to one another or relatives abroad. This period of exploitation is, however, directly threatened by the affordable and efficient services now offered by Facebook to all users.

Although there is little way to predict what exactly the future will hold for Africa’s internet infrastructure, many experts believe that Facebook is only one of companies who will likely be attempting to further their agendas within this relatively untapped marketplace. First-mover advantage is very real, which means that Facebook’s money transfer system will likely become a popular tool relatively quickly. Whether it is able to maintain this advantage over time, however, has yet to be seen. More information will likely become available in upcoming months as the system continues to gain exposure and visibility with the general public.

Foreign Currency Kiosks to be launched in Tube Stations

Currency exchange has always been somewhat of a problematic issue, due in large part to the fact that so many complaints and criticisms have been levied against allegedly predatory practices occurring in both independent exchange brokers as well as more reputable high street banks. Central to these complaints have been issues of accessibility and affordability. For some, currency exchange is an absolute must, as money must be transferred to friends and relatives around the world. For business professionals, instant access to currency exchange solutions can shave off hours of commuting to their preferred foreign exchange service.

Recently, it was announced that “Fourex” machines would begin appearing in tube stations across the London Underground. According to information provided by the machines central creators, Jeff Paterson and Oliver du Toit, commuters will be able to instantly convert over 150 different currencies into British sterling. This is likely to be welcome news for the myriad of tourists who visit London throughout the year and are caught without the money they need for shopping and tourism.

Unique to the Fourex machine is the ability to return currencies that are no longer in circulation, including the Peseta and the France. Additionally, the machines will not levy commission fees against users, meaning that some may find this service much more agreeable and attractive than others in the foreign exchange industry today. Although individuals will likely receive relatively low exchange rates for now defunct currency, the ability to return this money for usable financial resources will likely prove to be invaluable for many.

In a statement regarding the future of Fourex, co-founder Jeff Paterson stated, “We have been completely humbled by the interest, excitement and investment we have received so far for Fourex, not only from multi-million pound companies such as TFL and Westfield, but from the 436 people from every corner of the globe who invested through CrowdCube”.

More information about this exciting new foreign exchange service will likely be made available in the upcoming months. These machines will likely begin to appear in various Underground stations, beginning with the heavily trafficked Blackfriars, Canary Wharf and King’s Cross stations. The Westfield Stratford shopping centre will begin to feature one of the new Fourex machines in August of this year.

More People prefer new Money Transfer services than using Banks

Why is it that money transfer has become such a heated topic of discussion for so many? Given the fact that this service is so essential for many individuals living in working in places that are not their native homes, it would seem likely that money transfer and money exchange services would become an ubiquitous element of 21st century living. That being said, it seems quite interesting to observe the strong reactions that money transfer services seem to bring out in those that use them often.

If one were to venture a guess why these service are the target of much criticism and analysis by so many, it would likely be the fact that commission fees between various money transfers differ so widely. For example, many experts in the industry consider high street banks to slightly more expensive that privately owned organisations, while other authorities consider the aforementioned banking organisation to be the only legitimate service by which money transfer should occur.

Analysts are now shedding light on consumer sentiment in this particular arena, revealing insights which may prove to be surprising for many. According to the managing director of FXcompared, Daniel Webber, “This new data from FXcompared shows that since many consumers consider rates of exchange and transfer fees as important factors when transferring money, only a minority now trust in their banks for these services.”

While this doesn’t necessarily mean that banks should be condemned for crippling fees, it does provide us with the information we need to form one significant conclusion, that being individuals are now willing to explore various alternatives to major banking institutions when seeking out a foreign transfer service with whom they would like to engage in a transaction with. In the words of Webber, “A sophisticated, often younger, majority, now undertake their international money transfers with other non-bank providers.”

For those entrepreneurs who are savvy enough to latch onto new trends as they emerge, this information may prove to be inspiring indeed. After all, it seems the time is ripe for a low-cost, highly affordable money transfer service to emerge within this dynamic and exciting marketplace.

Latest Web Design Trends

When it comes to fast-paced, ever evolving industries, digital design remains one of the most dynamic. Given the fact that so many business now rely on digital platforms such as websites to propel their domestic and global presence, professional web design remains one of the most popular and cutting-edge fields in which savvy tech-minded creatives can make a name for themselves. For the casual business, however, staying abreast of the latest web design trends may prove to be challenging, if only for the fact that such an astonishing array of activity happens on a regular basis.

Central to the new era of web design is the concept of mobile optimization. Given the fact that Google has recently announced that websites which feature “mobile-friendly” designs will be given priority within search engine rankings, a number of business owners have begun to actively refresh their pre-existing platforms in order to ensure that they don’t receive unwanted penalties from the world’s largest search engine. So, what does a mobile-optimized website look like? Essentially, the design has been configured in such a way as to ensure that mobile users are not forced to scroll excessively or navigate small menus that thumbs could wreak havoc on due to their small pixel dimensions.

Yet another key trend in modern web design is cohesive branding. Unlike the earlier generations of web design, in which all styles, fonts and colour schemes were “fair game”, web developers have, at last, adopted the same values of standard graphic designers. Professional web platforms have begun to feature a unified, streamlined design scheme which ensures that visitors are left with a strong impression.

It is also quite interesting to note that web designers have begun to research and evaluate the design trends occurring throughout their industry vertical, exploring perceived strengths and weaknesses and using them to their advantage within their own particular platforms. Because of this, even a casual perusal of industry competitors will reveal similar design attributes that are slowly becoming synonymous with the particular type of business being explored.

Content has slowly emerged as the true “king” of web design. Although videos and images remain important tools of marketing professionals, studies continually show that intelligent, thoughtful content remains the primary vehicle through which business owners can propel their visibility forward and receive higher rates of organic search traffic. It will be interesting to observe how these trends evolve over the short term!

PayPal to buy online Money Transfer Company for $890 Million

In the world of modern technology, success often leads to two outcomes: a near-celebrity status among computer geek and digital wizards, as well as a lucrative buy-out offer from one of the world’s tech monoliths who would rather spend a pretty penny acquiring you than compete with you. Such is the case with PayPal, who recently announced that they were going to purchase Xoom Corp for a breathtaking $890 million deal. With the payment being made completely in cash, this is staggering from the online money transfer company.

While some may consider this a shocking move, it is important to remember that PayPal is under pressure to develop and expand their platform quickly after announcing that they would soon be leaving the watchful umbrella of eBay. PayPal’s incoming CEO, Dan Schulman, has made it clear that the company would take an aggressive and dynamic role re-asserting themselves in the marketplace once their autonomy has been finalised.

Most importantly, this new deal leads many witnesses to realise just how important the world of online money transfer has become. Regardless of the currency in question and the intended purpose of the transfer, the fact remains that money transfers occur around the world virtually every second of every day. By developing a powerful software platform on which these transfers can be facilitated, companies such as Xoom are cornering a fabulously lucrative corner of one of the world’s most in-demand marketplaces.

It will be very interesting to see exactly how PayPal continues to deploy their strategy in the upcoming weeks and months. If this recent acquisition is any indication of what observers can expect to see, it is almost guaranteed that PayPal will make headlines more than once. For those who do use PayPal on a regular basis, these services will not be affected by the company’s decision to depart from eBay. Arguably the largest and most successful online money transfer service of all time, PayPal will remain a venerable monolith of the internet and legendary e-commerce success story for years to come. Here’s hoping that this transition plays out smoothly and efficiently in the upcoming months.

Staying Ahead of Money Transfer Scams – What You Need To Know

Although money transfer and foreign exchange services are an absolutely indispensable part of the national economy, the point must also be made that these services have their fair share of problems, most notably the large number of scams and other nefarious activities that have penetrated the industry. According to Financial Fraud Action UK, an advocacy group to identifying and uncovering fraudulent schemes related to money transfer and other finance-related activities in the UK, an estimated 23.6 million pounds sterling were lost in 2014 to savvy fraudsters who preyed upon both local residents and tourists alike.

As part of their research, the FFA UK has identified some of the most common schemes used by those hoping to perpetrate money transfer fraud. The FFA UK has placed particular attention on the “phone scam”, a scheme in which fraudsters call individuals and masquerade as officials from their designated banking institution. Essentially, the fraud works as follows: the scammers often “spoof” the number of the bank in question, making it appear as if the bank is actually calling when caller ID systems are used. At this point, the scammer will tell the individual that fraud has been detected on the account and that they must quickly move their funds into a “safe” account in order to ensure that they are fully protected. This account is, of course, merely a vehicle through which the scammers can then gain access to the available funds, often leaving the victim penniless.

Through their research, the FFA UK discovered that nearly 70% of UK residents had received fraudulent propositions from scammers pretending to represent banking institutions throughout the last year. With this in mind, it is even more important for UK citizens to remain perpetually vigilant and ensure that they do not fall prey to career scammers.

Banks throughout the UK are requesting that individuals who believe they have been in contact with money transferscammers contact their offices immediately in order to report the activity so that they can properly warn the rest of their customers. Only through continued vigilance will such criminal activity be effectively thwarted.

British Travelers Will Enjoy Affordable EU Trips This Summer Thanks To Currency Swings

Although the ongoing saga of Greece and its harrowing negotiations with EU creditors has caused drama and untold amounts of stress and tension for financiers around the world, one particular group stands to benefit immensely from this turmoil – British tourists who are hoping to vacation in the EU this summer. With the value of the EU dollar plummeting to record lows against the British pound, it is quite likely that holidays abroad this summer will be markedly more affordable for families seeking a fun vacation in any one of the EU member states this holiday season.

When asked to provide a comment on the fortuitous timing of these dramatic currency fluctuations, Andrew Brown, a member of Post Office Travel Money, stated, “This is great news. Holidaymakers can look forward to cashing in on the increased buying power of sterling in most popular destinations this summer.”

That being said, a strong British pound doesn’t necessarily guarantee a more budget-friendly trip. It is also essential that tourists remain savvy when planning their vacations in order to ensure that the destination of their choice remains well within their budget range. When discussing the possible opportunities available for families seeking to cash in on the EU’s declining currency, Paul Stokes, the current head of product at M&S Bank, stated, “The stronger pound against the euro, combined with the warm temperatures over the summer, make European destinations like Portugal and France ideal for families hoping to make the most of their holiday budgets.”

Prior to the bubbling over of tension in the EU, analysts had predicted that British tourists were likely to spend more this summer on their vacations than in previous years. It will be quite interesting to observe how these currency shifts affect the data when the tourism season comes to a close.

No matter how valuable the British pound will be relative to the EU dollar, it is essential that tourists find the right money exchanger or foreign exchange service when exchanging their currency. Given the fact that exorbitant commission fees and meagre exchange rates are fast becoming the norm throughout the UK, it may take patience and research in order to find the perfect foreign exchange service provider.

Woman receives counterfeit money from Shop

If there has ever been any doubt that the world of currency exchange has its own fair share of crooks and conmen, a recent breaking story emerging out of Oldham is likely to encour-age many to reconsider their assumptions. According to Pauline Westall, a currency ex-change shop located in Oldham Town Centre gave her €600 worth of counterfeit notes when she visited to prepare for a holiday adventure to the Mediterranean.

A scenario that is likely to cause as much financial trouble as it does embarrassment, Westall described her experience as shocking and completely unexpected. After visiting a Debenhams, Westall was told that the bills in her possession were forgeries. No legal action was taken against Westall, of course, given the fact that it was impossible for her to counter-feit the money on her own accord. That being said, perhaps the more worrying assumption that can be made following this incident is that a growing number of individuals who aren’t consistently vigilant are being sold counterfeit bills by their local money exchange without their knowledge. In the best of scenarios, the money exchange shop would simply acknowledge their error and reimburse the client for the money they had originally ex-changed. This, however, is not the experience that Westall has had up to this point.

To this day, the money exchanger shop she visited, which is called The Money Shop, has yet to reimburse her for the money she gave them. When asked for a statement regarding the situation, Westall stated, “This is just a nightmare. The money was always to cover my trip to see my brother and now there’s a chance I will be out there with no money. This could now possibly ruin two trips.’

Following the ensuing controversy regarding the situation, The Money Shop issued their own statement on the matter, stating, “‘We are investigating to see whether the notes concerned came in a batch supplied to us by our regular, reputable wholesaler and in turn to the customer. Should they have done so, The Money Shop will of course consider compensating Ms Westall.’

EU to tighten money transfer rules to prevent online fraud

In an effort to thwart the surge in cybercrime and various other forms of online fraud, the European Banking Authority has announced that internet-based payment service providers will be required to improve their general security procedures by August of 2015. As a follow-up to this statement, the EBA has published a series of ‘minimum security guidelines’ that must be met by payment service providers in each of the EU’s 28 member states.

Examples of these reforms include a new mandate which states that these service providers improve the verification standards present in their systems in order to ensure that customers are properly authenticated before carrying out their payment. Additionally, the EU has announced that they will be revising their Payment Services Directive in order to improve the general consumer experience as well as provide a more secure and competitive environment in which payment service providers will be compelled to enhance their services in order to maintain a positive relationship with their customers. These new guidelines will likely be initiated in 2017.

It seems as if the EU’s efforts to thwart online fraud and misuse of money transfer software could not have come at a better time. In 2014 alone, the losses created by money transfer software was approximately $975 million dollars, a 21% increase over the previous year.

Whether or not these new guidelines will truly make the positive impact outlined by the European Banking Authority has yet to be seen. What is likely, however, is that the topic of cybersecurity and cybercrime prevention will become much more commonplace than it is now which is, in itself, a huge step forward for the European Union. As evidenced by the recent £650 theft allegedly perpetrated by Russian hackers, there is a massive need for online security reform. The damage caused by these crimes is very real and is likely to pose a serious threat to future EU growth unless it is confronted now.

More information concerning the outcomes of this legislation, as well as coverage of the reforms being outlined to the Payment Services Directive, is likely to be offered in the upcoming months.

£1.3bn settlement for banks

Justice, it seems, has finally been served regarding the various accusations of foreign ex-change fraud levied against UK banking institutions. US investors have scored a substantial victory in this particular struggle, securing nearly $2 billion dollars in settlements following the outcome of a recent legal battle. The banks included in the court decision include HSBC, Barclays, BNP Paribas, Bank of America, JP Morgan, Citibank, Goldman Sachs, RBS and UBS.

Although this depth of financial restitution is quite significant, the legal team representing the victims of FX fraud are declaring this the beginning of a longer battle. According to Michael Hausfeld, an attorney involved in the case, “”While the recoveries here are tremendous, they are just the beginning…Investors around the world should take note of the significant recov-eries secured in the United States and recognize that these settlements cover a fraction of the world’s largest financial market.”

Unfortunately, the world of foreign exchange market trading has gained infamy in recent years for its ethically dubious dealings. Given the fact that over 5.5 trillion pounds sterling trades hands in this marketplace on a daily basis, it should come as no surprise that many less-than-savoury characters are attempting to gain a foothold here in order to reap lucrative rewards, regardless of the legality of their actions.

As of right now, the individual fines levied against specific banks involved in the court deci-sion have yet to be determined. Suffice to say, it is likely that these penalties will be severe enough to make an example for others who may be so inclined to cheat the system again. More information about the specific outcomes of this trial will likely be made available in up-coming weeks as the district judge finalises bank-specific restitution policies.

Until then, the FX market continues its frenetic, near round-the-clock activity. For those who may be interested in investing in this marketplace, it is important to remember that transparency and regulation has never been, nor likely will they become, as prevalent as can be found in more popular stock exchanges. That being said, the promise of immense wealth is likely to continue to draw new investors into this competitive environment for the foreseeable future.

Category: Money Exchange