The top three international money transfer startups to know about

WorldRemit, like TransferWise, has recently received an eight-figure vote of confidence in its international money transfer service. It joins a growing list of well-funded fintech companies innovating the market by offering low or non-existent fees and transfer tools that cater to the digital age. Read more “The top three international money transfer startups to know about”

What is currency pegging and why are we hearing so much about it?

The Danish krone and the Swiss franc are both making headlines because of ‘currency pegging’. With the franc causing havoc in January 2015 when it unpegged from the euro, and the krone possibly going the same way, we’re getting used to seeing the term. But what exactly is currency pegging and why does it matter? Read more “What is currency pegging and why are we hearing so much about it?”

Paying With Your Mobile: How It Works

66% of Brits know they can pay using a smartphone, and in the US 53% of shoppers want more stores to accept payments via mobile. Despite the enthusiasm for this growing technology, many of us still aren’t completely clear on how it works. That’s why we’ve put together this quick guide to mobile payments, which takes you through the three main approaches. Read more “Paying With Your Mobile: How It Works”

The new laws set to overhaul data protection practices in Europe

The new laws set to overhaul data protection practices in Europe

Once again, data protection regulation is in the spotlight this month. The EU is attempting to introduce laws that will clamp down on how our personal data is used, particularly by businesses and intelligence agencies. But according to Civil Liberties Committee chairman, Jan Philipp Albrecht MEP, arguments from Germany, France and the UK could delay the legislation into 2016. There are over 4,000 proposed amendments to the bill, after all. We look at why the legislation is so controversial, and what the consequences are for you.

In today’s digital economy, data is big business; the value of European personal data is estimated to grow to almost €1 trillion annually by 2020. The EU wants to establish a ‘one-stop-shop’ for data protection, arguing that this more streamlined approach will boost the European economy by €2.3 billion.

For businesses, the regulations could allow the EU to impose fines of up to €100 million, or 5% of their annual turnover (whichever’s biggest) if they don’t safeguard the information they’re processing adequately. They’d also have to complete a ‘data protection impact assessment’, investigating the effect of data usage on the rights and freedoms of their customers.

For individuals, the legislation will tackle issues you might be concerned about already. These include having easier access to your own data, gaining the ‘right to be forgotten‘, and needing to give explicit consent before a company can use your data. It also proposes that privacy settings should be set as private by default, rather than getting users to do this manually.

If you don’t want to wait till 2016 to step up your data protection, we recommend reading the fine print of a company’s privacy policy before passing on personal details, using individual, complex passwords and installing anti-malware software. This is particularly important when transferring funds or using new, unfamiliar technology. At The Money Cloud we take data protection very seriously; it’s a core part of what our business is about. We subscribe to all UK data protection laws and guidelines; only collect information that’s required by regulations or needed to improve our services; and store it securely. If you’re unsure about how your data and funds are kept safe when sending money overseas, you can find out more in our 101 guide to international money transfer here [LINK: 101 GUIDE].

Big Data: The End Of Money Laundering?

According to recent PwC research, big data could be our most potent weapon yet in the fight against money laundering. Vikas Agarwal, a managing director of the financial services firm, has declared that “institutions should remain two steps ahead by deploying advanced analytical and statistical techniques.” But what exactly is big data, and how will it help? Read more “Big Data: The End Of Money Laundering?”

How Bitcoin Is Revolutionising International Money Transfer

From 2013 to 2014, the number of bitcoin users grew by a staggering 700%. Today, those users aren’t just buying products with their bitcoins; according to the South China Morning Post, it’s becoming an increasingly popular way to send money overseas. We take a look at what makes bitcoin so popular, and how it could change the face of the international money transfer market. Read more “How Bitcoin Is Revolutionising International Money Transfer”