By Aisling Finn on Thursday 29 October 2020
The Moorwand-powered Vault card will come in four main currencies: Euro, Sterling, US Dollar and Swiss Franc.
High-net worth financial advisory firm deVere Group has picked card issuing firm Moorwand to power its multi-currency card, Vault.
The Mastercard-backed deVere Vault card pairs with the Vault app to offer international investors the ability to open up to five wallets in four different currencies, the Euro, Great British Pound, US Dollars and Swiss Francs.
Users of the mobile banking app can also store and exchange fund in an additional 22 currencies, allowing transfers to be made either by bank or SWIFT transfers.
Nigel Green, CEO and founder of deVere Group, said: “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.”
“The fact that Vault has already experienced a 67% 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."
As well as powering deVere’s Vault card, Moorwand will also provide deVere with a single compliant connection to Mastercard’s payment scheme to bolster its global transaction processing.
Luc Gueriane, chief commercial officer at Moorwand, added: “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.”
“Vault is different. It presents a unique solution to the unique challenges of globally-minded individuals that live and work in a multi-currency environment. We look forward to working with deVere Group to ensure Vault continues to set industry standards.”
The deVere Group is one of the largest financial advisors to international and local high-net-worth individuals and does business in 100 countries across the globe, holding over $12bn in assets for more than 80,000 customers.