Moorwand partners deVere for multi-currency card

Moorwand has been selected by deVere Group to provide issuing services and BIN sponsorship for Vault, its multi-currency Mastercard, across 14 different European markets.

The mobile app and card is designed to meet the financial needs of international investors and expatriates.

Vault offers five wallets denominated in four currencies - EUR, GBP, USD and CHF - and users can also store and exchange funds in an additional 22 currencies. The Vault app allows funds to be moved by bank transfer and SWIFT as well as via instant Vault-to-Vault wallet transfers to other Vault users. Users can top-up their Vault wallet using bank transfer or debit card load.

Moorwand will issue deVere’s multi-currency card to four different user groups: existing Vault wallet users, deVere Group clients using its insurance and investment products, deVere Group employees, and deVere Group companies for salary payments.

As the BIN sponsor, Moorwand will also provide deVere with a single compliant connection to the Mastercard payment scheme for global transaction processing and settlement of cardholder funds.

“New Brexit legislation, forcing UK banks to apply for new banking licenses to continue operating in the EU, will accelerate the trend towards digital-first e-money apps and firms which already have a pan-European presence,” said Nigel Green, chief executive and founder of deVere Group. “The fact that Vault has already experienced a 67 per cent jump in enquiries in the third quarter is a testament to this.

"To ensure we stay ahead of the curve, we need to continue to deliver a best-in-class service to our customers and our partnership with Moorwand is critical to that," he added.

Luc Gueriane, chief commercial officer at Moorwand, commented: “The market is fast becoming congested with a plethora of digital banking apps and card offerings.

"To stand out and succeed, it’s no longer good enough to have a slick UX or nice functionality, you need to bring something different to the table."

    Share Story:

Recent Stories


The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.