deVere Group partners with Moorwand for multi-currency card Vault

By Sunniva Kolostyak

deVere Group has chosen to partner with Moorwand for BIN sponsorship and issuing services as it moves ahead with its plans for Vault, a multi-currency card and money app.

deVere Vault has been designed to meet the financial needs of international investors, expatriates and other globally-minded individuals. It offers five wallets denominated in four currencies – EUR, GBP, USD and CHF – and users can store and exchange funds in an additional 22 currencies.

Moorwand will issue the multi-currency card across 14 different European markets and provide a single compliant connection to the MasterCard payment scheme for global transaction processing and settlement of cardholder funds.

“The deal with deVere Group reinforces how Moorwand rapidly adapts to the requirements of businesses in the FinTech industry,” Luc Gueriane, Chief Commercial Officer at Moorwand, told IBS Intelligence.

Gueriane said: “Our approach to orchestrating payment programmes is a distillation of the legal, payments and compliance experience within the business. We hope through working with deVere on Vault that we will be able to demonstrate Moorwand can take a programme from strength to strength whilst ensuring compliance.”

“Vault stands out by offering all the multi-currency support consumers need under one banner. Being able to instantly load and convert funds in 27 currencies, send money to friends, pay bills overseas and access FX in a single place is perfect for the globally-minded customer of today. Combined with its app-friendly approach, users have complete control over every aspect of their finances.”

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.

“FinTech is the future of finance. 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,” Nigel Green, CEO and founder of deVere Group, said.

“The fact that Vault has already experienced a 67 per cent jump in enquiries in Q3 2020 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.”