FAQ

Frequently Asked Questions & Answers

Have a look at frequently asked questions & answers to understand more our services MatchPlaceFX and MatchPlaceIF.

Supported currencies

MatchPlaceFX offers over 34 currencies in over 212 countries and cover all the major currency pairs.

 Country

 Code

 Currency

 AED  Emirati Dirham
 AUD  Australian Dollar
BGN  Bulgarian Lev
 BHD  Bahraini Dinars
 CAD  Canadian Dollar
 CHF  Swiss Frank
 CZK  Czech Koruna
 DKK  Danish Krone
 EUR  Euro
 GBP  British Pound
 HKD  Hong Kong Dollar
 HRK  Croatian Kunas
 HUF  Hungarian Forint
 ILS  Israeli Shekel
 CNY  Chinese Yuan Renminbi
 JMD  Jamaican Dollars
 JPY  Japanese Yen

 Country

 Code

 Currency

 KES  Kenyan Shillings
 KWD  Kuwaiti Dinars
 MXN  Mexican Peso
 NOK  Norwegian Krone
 NZD  New Zealand Dollar
 OMR  Omani Rials
 PLN  Polish Zloty
 QAR  Qatari Rials
 RON  Romanian New Leu
 SAR  Saudi Riyals
 SEK  Swedish Krona
 SGD  Singapore Dollar
 THB  Thai Baht
 TRY  Turkish Lira
 UGX  Ugandan Shillings
 USD  United States Dollar
 ZAR  South African Rand

SWIFT is acronym for Society for Worldwide Interbank Financial Telecommunication. It provides the backbone for messaging services between financial institutions.

A SWIFT code uniquely identifies a bank or financial institution. It is usually 8 or 11 characters. It is also known as a SWIFT ID, a Bank Identifier Code (BIC) or an ISO 9362 code.

These codes are usually used when sending and receiving money between financial institutions.

The SWIFT code is coded with the following rules

  • First 4 characters – bank or financial institution code (only letters)
  • Next 2 characters – ISO 3166-1 alpha-2 country code (only letters)
  • Next 2 characters – location code (letters and digits)
  • Last 3 characters – branch code, optional (letters and digits) (‘XXX’ for primary office)

Check a Swift code online: https://www2.swift.com/bsl/index.faces

The IBAN consists of up to 32 alphanumeric characters, comprising a country code, two check digits and a long and detailed bank account number used in bank wire transfers. The IBAN structure is defined by the international standard under ISO 13616-1:2007 and check digits are performed using MOD 97 (ISO 7064). The individual countries and formatting are described in the official ISO IBAN registry Examples.

Check an IBAN code online

MatchPlace and MatchPlaceFX use best of breed cyber security to authenticate counterparties when payments are set-up and settled. Anti Hacking process

  • Physical security
    • Our service operates from multiple high security Tier 4 Data Centers used by banks and other financial institutions.
  • Network security
    • Our firewalls are managed by dedicated staff and we undergo regular third party penetration tests, to ensure our service is secure.
  • Encryption
    • All network traffic is encrypted.
  • Data security
    • We are using certified systems under ISO/IEC 27001:2013, the international best practice standard for information security management.
  • Strong access control
    • We assign unique IDs to each individual and require two step authentication for all access.

We show you the full breakdown of fees for your chosen transfer route on our pricing page.

MatchplaceFX only charges you a fair service fee. MatchPlaceFX provides foreign currency conversion prices based on market rates on the global currency markets. We show the current mid-market rate on the global currency markets for transparency.

Our fair fee is taken from the money that you send to us. The rest is converted and sent to your recipient.

Money can only flow freely when it’s secure, end-to-end. The reason we’re relied on by global businesses is because our security is world-class. We are ISO 27001-certified, and our security is regularly reviewed and approved by regulators and bank partners across the world.

As MatchPlace Ltd operates in regulated markets, we recognise the value that regulation brings to society, our customers, ourselves and our shareholders.

 

We believe that MatchPlace should apply the following principles in its approach to compliance and regulation:

  • Fairness and transparency for our customers
  • That all reasonably practical steps should be taken to ensure that we do not process money resulting from the proceeds of crime to prevent money-laundering or the financing of terrorist activities.

As such, MatchPlace FX is regulated by the Financial Conduct Authority.

Matchplace Ltd is regulated by HMRC under Money Laundering Regulations 2007.

The mid-market rate is the real exchange rate. By definition, it is the midpoint between Buy & Sell market rates simply the midpoint between demand and supply for a currency on the global currency markets, and because of that, it changes all the time. At MatchPlaceFX, we show you the mid-market rate sometimes called the interbank rate and spot rate amongst other things.

GBP/EUR Buy Rate GBP/EUR Sell Rate
1.1750 1.1770
Mid-market rate = 1.1760

 

In the currency markets, traders define the rates at which they are willing to “buy” or “sell” a specific currency.

The mid-market rate is considered the fairest exchange rate possible and isn’t a secret either. It is the rate you will find on independent available sources such as Google, XE and Yahoo Finance.

 

MatchPlaceFX provides foreign currency conversion prices based on market rates on the global currency markets. We show the current mid-market rate on the global currency markets for transparency.

If you know the mid-market rate you can check the difference with the rate given by your bank for the transaction.

Ex: Mid-market rate GBP/EUR: 1.1750, your provider BUY rate: 1.1397

On a 100000£ GBP to EUR conversion, your provider took a hidden commission of  3525 € almost 3% of hidden commission.

It is a bank account that is completely separated from MatchPlace FX business accounts. Client’s Funds are always protected by being kept independent of MatchplaceFX´s asset.
Our segregated accounts are held with Barclays Bank in UK.

 

At MatchPlace FX, we:

  • show the Mid-market rate on each transaction.
  • offer you a small FX margin ‘Spread’ compared to traditional FX providers
  • have No hidden fees or charges
  • provide an Online platform to check & book currency rates 24/7
  • have an onboarding with no set-up fees
Various independent price comparisons show the true cost of making an international business transfer. In addition to an upfront transfer fee, all of the banks usually add a markup to the exchange rate offered.
You only pay a commission fee with us! It is fair and you get a low-cost transfer.

At MatchPlaceFX, we commit to

- show the Mid-market rate on each transaction.
- offer you a small FX margin ‘Spread’ compared to traditional FX providers
- have No hidden fees or charges
- provide an Online platform to check & book currency rates 24/7
- have an onboarding with no set-up fees

Process Times
Spot trades are transactions with a value date of today, tomorrow and today + 2 days.
A forward contract is a customized contract between two parties to buy or sell an asset at a specified price on a future date.
Forwards cover FX rates locked in today but for a future delivery date beyond a spot trade date.
You think you don’t usually pay a transaction fee with your bank.
Unfortunately, this is what many have been led to believe.
We call it the "Zero Fees", "0% commission" lies in the industry.

Fee free transfer doesn’t exist. Your nasty surprise is hidden in an unfair exchange rate. Whether you've been told it or not, on average SME could lose around 5% in fees.
MatchPlaceFX service is fair, transparent and costs far less than high street banks and other currency exchange services.

The currency market is very volatile. It changes every day.
FX rates are very difficult to predict but for every business and transaction the most important is to understand your budget levels.

If you think that you need to purchase USD against GBP at 1.6500 to break even your purchase and the current FX rate is 1.6300, you are buying below your budget rate, hence you will incur a loss.

To mitigate this situation, you could have bought a forward at the rate of your budget level or higher. This would remove the fluctuations in FX rates you would face. You have essentially locked in your rate for your budget.

MatchPlace IF is a peer-to-peer financing service that allows UK SMEs to receive cash advances of up to 90% against trade receivables financed by private investors, institutional investors, banks or corporates. Access to MatchPlace IF is open to interested companies and investors. Invoices can be uploaded manually or automatically. The cash advance is executed without the notification of the debtor (undisclosed assignment).

The current shareholders are Benjamin Gedeon, Christophe Monget and Golden Eagle Ventures.

MatchPlace has developed a fast and easy-to-use peer-to-peer platform for trade receivables accessible for companies and investors. Companies that receive finance on their trade receivables through MatchPlace IF experience transparent and fair pricing and enables them to get access to a broad range of investors.

The key features of MatchPlaceIF are:

1. Speed: A request for invoice finance can be processed and funded in 24 hours.

2. Transparent pricing: MatchPlace publishes fees and rates online.

3. Customer focus: MatchPlace goes above and beyond to ensure that its customers, corporates or investors, are satisfied with its services. It takes every reasonable step to safeguard its customers from financial jeopardy.

MatchPlace IF is an alternative to typical financing products. It shortens the working capital cycle, reduces collection expenses and credit/payment risks. Several studies have shown that this usually leads to a reduction in financing costs and an increase on the return on assets.

Registration to MatchPlace IF is free.

Submission of an invoice is free.

Once an invoice has been accepted, the seller of an invoice pays

· an Invoice Processing Fee of 0.75% to 2.5% of the total invoice amount,

· a Payment Processing Fee of £15,

· a Finance Cost of 0.05% to 0.3% per day of the cash advance amount for the duration of the cash advance.

The investor pays a Service Fee of 20% of the Finance Returns.

The registration process has been designed to follow the regulation on financial services in the UK. The registration process can take from 24 hours up to 3 days.
Companies who wish to submit invoices for financing must provide the relevant documentation to meet the Know-Your-Customer (KYC) regulation in the UK.
Investors who wish to participate to invoice financing must provide the relevant information for KYC and Anti-Money-Laundering (AML) checks in the UK.

There are no requirements for any specific accounts to use MatchPlace IF services. Each corporate and each investor is provided with an ewallet through our service partner to manage their funds accordingly.

You do not have to inform the debtor about the cash advance. They will however be contacted by MatchPlace to verify the accuracy of the invoice.
Limited and public companies registered at Company House in England and who can demonstrate a business activity of at least 2 years can request cash advances on B2B trade receivables.
All trade receivables towards Limited and public companies registered at Company House in England with a minimum amount of GBP 20,000 and a minimum residual maturity of 15 days from the start of the cash advance.
MatchPlace IF offers UK private investors, institutional investors, banks and UK corporates a cost-effective way to gain access to a profitable market with a diversified risk profile and short capital commitment.
Users data is segregated per user and is not shareable. All data is encrypted for storage and communication within the platform.
The platform is hosted on Microsoft Azure and is protected by top-level security mechanisms to prevent intrusion. All content is stored encrypted to increase security once more.
Once you have been KYC and AML approved, you can act as both on MatchPlace IF.
MatchPlace Limited (FRN: 767447) is an Appointed Representative (“AR”) of TUSK Capital Management Ltd which is authorised and regulated by the Financial Conduct Authority under FCA Number 409723..
All participants are authenticated by a KYC and AML process provided by an external Service Partner.
Each submitted trade receivable is verified by MatchPlace as part of standard procedures before acceptance on the platform.
Investors can choose which invoice to finance and for which amount at any time on the platform. They are provided with the relevant details regarding the invoice and the requester.
After the successful completion of the Financing phase, the requester receives the cash advance from the pool of investors. MatchPlace IF acts as an intermediary to ensure the correct transfer of funds.
Upon payment of the invoice, MatchPlace IF initiates the automatic reimbursement of the cash advance with fees to the pool of investors.
If the debtor does not pay at the due date, MatchPlace will work with the requestor for a successful conclusion of the situation.
The invoice financing process is automatic and managed by MatchPlace. You will receive automatic notifications on each event of the process.
The workload for using MatchPlace IF is minimal.
You have three options for submitting requests
1) You can enter invoice data directly on the platform;
2) You upload your invoice data via an Excel template; or
3) You create an automatic interface to your ERP system based on an interface specification defined by MatchPlace.

After approval of the invoices by MatchPlace, the invoice financing process is automatic. You do not have to intervene.
MatchPlace will automatically transfer the cash advance funds once the invoice financing is successful.
At maturity of the invoice, MatchPlace automatically takes care of forwarding the payed amount to the pool of investors.

You will be informed by e-mail that your trade receivable has not been financed to the full amount. If you wish, you will be able to accept the partial cash advance amount and only pay a reduced processing fee.
In such case, you can repay the cash advance early at no additional cost.
In addition to the debtors' payment or insolvency risk, the investors also take the risk of the payment behaviour (dilution- and late payment risk) of the debtor. All these risks can be assessed by the investors based on the available payment data on MatchPlace.
In principle, the requesters of invoice finance are liable for 100% of the existence and certainty of receivables. However, to limit the effect of such behaviour and reduce the risks for both the requester and the investors, MatchPlace limits the cash advance to a maximum of 80% of the nominal value of the invoice.

Onboarding process
1. Registration
· Simply register online or offline.
· No set-up costs.
· No obligation to transact.
2. Compliance check
· We’ll run your details through our security checks to ensure your safety as well
as ours.
3. Meet your specialist
· Start an ongoing dialogue with your dedicated finance specialist
so we can tailor a solution for you.
4. Ready to go
· You’re all set up now to access a world of opportunities.

Do you have any questions? Contact us now!