Frequently Asked Questions & Answers
Have a look at frequently asked questions & answers to understand more our services MatchPlaceFX and MatchPlaceIF.
MatchPlaceFX offers over 34 currencies in over 190 countries
and covers all the major currency pairs.
Hong Kong Dollar
Chinese Yuan Renminbi
New Zealand Dollar
Romanian New Leu
United States Dollar
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:
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
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. 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:
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|
|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 competitive rates 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.
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
Please note that the times given below do not take FX timelines into consideration.
Currency (ISO) Priority (SWIFT) Cut off times (GMT+1) Priority / Regular
Australian Dollar (AUD) 1 day 2:00 pm / 12:00 pm
Bahrain Dinar (BHD) 1 day 2:00 pm / –
Bulgarian Lev (BGN) 1 day 2:00 pm / –
Canadian Dollar (CAD) 0 days 2:00 pm / 4:30 pm
Chinese Yuan (CNY) 2 days 4:30 pm
Croatian Kuna (HRK) 1 day 2:00 pm
Czech Koruna (CZK) 1 day 4:30 pm / 4:30 pm
Danish Krone (DKK) 1 day 4:30 pm / 4:30 pm
Euro (EUR) 0 days 2:00 pm / 2:00 pm
HongKong Dollar (HKD) 1 day 2:00 pm / 12:00 pm
Hungarian Forint (HUF) 1 day 4:30 pm
Japanese Yen (JPY) 1 day 2:00 pm
Kenyan Shilling (KES) 1 day 2:00 pm
Kuwait Dinar (KWD) 1 day 2:00 pm
Mexican Peso (MXN) 1 day 2:00 pm / 4:30 pm
Israeli Shekel (ILS) 1 day 2:00 pm
New Zealand Dollar (NZD) 1 day 2:00 pm
Norwegian Krone (NOK) 1 day 4:30 pm / 4:30 pm
Omani Rial (OMR) 1 day 2:00 pm
Polish Zloty (PLN) 0 days 1 day 9:45 am / 4:30 pm
Qatar Rial (QAR) 1 day 2:00 pm
Romanian Leu (RON) 1 day 4:30 pm
Saudi Riyal (SAR) 1 day 2:00 pm
Singapore Dollar (SGD) 1 day 2:00 pm / 12:00 pm
South African Rand (ZAR) 0 days 9:45 am
Swedish Krona (SEK) 0 days 9:45 am / 4:30 pm
Swiss franc (CHF) 0 days 9:45 am
Thai Baht (THB) 2 days 4:30 pm
Turkish Lira (TRY) 1 day 4:30 pm
Ugandan Shilling (UGX) 2 days 4:30 pm
UK Sterling (GBP) 0 days 0 days 2:00 pm / 2:00 pm
United Arab Emirates Dirham (AED) 1 day 2:00 pm
US Dollar (USD) 0 days 4:30 pm / 4:30 pm
0 days = T+0 (TOD, or same day)
1 day = T+1 (TOM, or next day)
2 days = T+2 (Spot)
3 days = T+3 (Spot + 1)
Regular (Local) = The duration it takes to make a local payment in the same country.
Priority (SWIFT) = The duration it takes to make a payment via SWIFT.
Cut off times = These are the times funds must be received and cleared by MatchPlaceFX in order to honor your instruction.
Currency (ISO) Duration (Conversion Length) Trading cut off times (GMT+1)
Australian Dollar (AUD) 1 day 1:00 pm
Bahrain Dinar (BHD) 1 day 1:00 pm
Bulgarian Lev (BGN) 1 day 1:00 pm
Canadian Dollar (CAD) 0 days 1:00 pm
Chinese Yuan (CNY) 2 days 3:30 pm
Croatian Kuna (HRK) 1 day 1:00 pm
Czech Koruna (CZK) 1 days 3:30 pm
Danish Krone (DKK) 1 day 3:30 pm
Euro (EUR) 0 days 1:20 pm
HongKong Dollar (HKD) 1 day 1:00 pm
Hungarian Forint (HUF) 1 day 3:30 pm
Japanese Yen (JPY) 1 day 1:00 pm
Kenyan Shilling (KES) 1 day 1:00 pm
Kuwait Dinar (KWD) 1 day 1:00 pm
Mexican Peso (MXN) 1 day 3:30 pm
Israeli Shekel (ILS) 1 day 1:00 pm
New Zealand Dollar (NZD) 1 day 1:00 pm
Norwegian Krone (NOK) 1 day 3:30 pm
Omani Rial (OMR) 1 day 1:00 pm
Polish Zloty (PLN) 1 day 3:30 pm
Qatar Rial (QAR) 1 day 1:00 pm
Romanian Leu (RON) 1 day 3:30 pm
Saudi Riyal (SAR) 1 day 1:00 pm
Singapore Dollar (SGD) 1 day 1:00 pm
South African Rand (ZAR) 0 days 8:45 am
Swedish Krona (SEK) 0 days 8:45 am
Swiss franc (CHF) 0 days 8:45 am
Thai Baht (THB) 2 days 3:30 pm
Turkish Lira (TRY) 1 day 3:30 pm
Ugandan Shilling (UGX) 2 days 3:30 pm
UK Sterling (GBP) 0 days 1:20 pm
United Arab Emirates Dirham (AED) 1 day 1:00 pm
US Dollar (USD) 0 days 3:50 pm
0 days = T+0 (TOD, or same day)
1 day = T+1 (TOM, or next day)
2 days = T+2 (Spot)
3 days = T+3 (Spot + 1)
Cut off times = These are the times conversions must be completed by in order for Currencycloud to honor your instruction.
FX settlement timeline explanation
Let’s say you want to buy Australian Dollars (AUD) with UK Sterling (GBP). Australian Dollars (AUD) has a settlement time of 1 day, while UK Sterling (GBP) has a settlement time of 0 days.
Your AUD will only be available after the 1 day settlement time frame. Funding must therefore be received before the cut off time, one day prior to the desired delivery date.
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.
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.
MatchPlaceFX has restricted the countries that it will service, at both the client level and at the payer level for layered/nested relationships. Refer to the table below for a list of permitted jurisdictions.
Neither our client or our client’s customers (ultimate payer) should be based outside of the below jurisdictions. Any payments with a payer outside of the permitted jurisdiction will be failed automatically by our transaction monitoring system at the point of processing.
Please note that this list will be reviewed and updated periodically.
Australia Guernsey New Zealand
Austria Hong Kong Norway
Belgium Hungary Poland
Bulgaria Iceland Portugal
Canada India Romania
Cayman Islands Ireland Singapore
China Isle of Man Slovakia
Croatia Israel Slovenia
Cyprus Italy South Africa
Czech Republic Japan South Korea
Denmark Jersey Spain
Estonia Latvia Sweden
Finland Liechtenstein Switzerland
France Lithuania Taiwan
Germany Luxembourg United Kingdom
Gibraltar Malta United States
Can’t find what you’re looking for?
Contact our support team for general support
We take our regulatory responsibilities very seriously. In line with our anti-money laundering policy and sanction screening requirements, we cannot receive funds from or send money to the following countries, although this may be subject to change.
If you have any questions about making payments to restricted countries, please contact your relationship manager, or our support team.
As part of our ongoing commitment to mitigate the risk of money laundering & terrorist financing., MatchPlaceFX has placed a number of restrictions on the type of industries, activities, and countries we are able to support and service.
Failure to comply with these restrictions can result in delayed payments or rejected payments with continuous breaches leading to account closure.
Weapons / Military-Grade Security
Ponzi / Pyramid Schemes
Firms involved in the servicing of illegal goods/services including but not limited to: Counterfeit Goods/trademark infringement, Human Trafficking, Child Labor, Prostitution.
Non-Permitted Client Types
Financial Institutions making payments on behalf of other financial institutions, also known as ‘nested relationships’ or ‘Layering.’
Clients are not allowed to use our services to speculate changes in FX
Transactions deriving from Crypto Currencies
Anti-money laundering (AML)
Anti-money laundering (AML) refers to a set of procedures, laws and regulations governments and financial regulation authorities have designed to stop the practice of generating income through illegal actions.
Automated Clearing House (ACH)
A US-based organisation that processes massive amounts of debit and credit transactions such as direct deposit, payroll and vendor USD payments in the USA.
The bid rate is the rate quoted to you when you’re about to buy a currency.
Banks are financial institutions that are licensed to provide financial services, such as deposit taking, lending, currency exchange and payment services. A correspondent bank is a financial institution that provides services on behalf of another financial institution.
Cross-border payment is a transaction in which a payer in one country transfers money to a payee operating in a different country via the foreign exchange market, using a bank or third party payment processor.
In foreign exchange, crosses refer to the exchange rate of currencies being traded in a country that does not utilise either of those currencies. For example, a trader in the UK dealing in Mexican Pesos and Euros will trade them at the ‘cross rate’.
Currencies are a system of money accepted within a country, for example the US Dollar in the US, or the Euro across the Eurozone.
A currency pair is the quotation and pricing structure of the currencies being traded. The value of a currency is a rate and is determined by its comparison to another currency.
The delivery date is the date on which the purchased funds are available for payment.
An exchange rate is the price of one country’s currency expressed in another country’s currency. An exchange rate has two components, the domestic currency and a foreign currency (see currency pairs), and can be quoted either directly or indirectly.
The UK’s banking initiative to reduce payment times between different domestic banks’ customer GBP accounts.
A forward conversion is a conversion with a settlement date greater than two days later – this can be anything from three days to one year hence.
ISO Currency Code
The ISO Currency Code is the three letters also used in exchange rates. Devised by the International Organization for Standardization it is a country’s two characters and a letter denoting the country’s currency. For example, in Hong Kong the currency is Dollars and so the ISO code is HKD.
Know Your Client (KYC)
Know Your Client (KYC) is a requirement that protects both financial institutions and their clients. Financial institutions are required to formally verify the identity of all clients and understand the purpose of trading, expected volumes and jurisdictions their clients will use.
Local payment schemes
Local payment schemes are payment initiatives set up in a domestic market to make the payment process between banks more efficient. Schemes include ACH, Faster Payments and SEPA.
Margin is financial collateral used to cover credit risk and is set aside as a good will deposit as collateral to hold a position against future trades as security to cover any potential losses the provider may incur as a result of non-settlement of the trade.
A margin call means that the exchange rate has moved sufficiently so that the initial margin held is no longer sufficient to support the “open” or unsettled trades and additional deposit is required to cover the risk to the provider.
Since most currencies are quoted to a maximum of 4 decimal places, movement in currency rates, no matter how small, will have an impact on the price you pay. Rates are measured in three factors. These are spreads, pips and basis points. The spread is the difference between ‘bid’ and ‘offer’ prices.
The mid-market rate is the average rate between the bid and offer rates agreed upon when conducting a foreign exchange transaction.
The offer rate is the rate quoted to you when you’re about to sell currency. Also known as the ask price or sell price.
A payee is an entity receiving payments through any form of money transfer method. Also known as the beneficiary.
A payer is an entity, either an individual or organisation, that makes a payment to another entity.
A payment network is an electronic system used to settle financial payments between institutions, individuals or organisations. These are also known as ‘rails’.
The quote rate is the most recent market price that a currency was traded on, meaning a buyer and seller agreed to trade at that price.
Regulated entities are the service providers governed by financial regulation, such as banks, brokers and payments companies.
Economic sanctions are commercial and financial penalties and restrictions applied by one or more countries against a targeted country, group, or individual. Sanctions may include various forms of trade barriers, tariffs, and restrictions on financial transactions.
The settlement date is the day on which a trade or a contract must be reconciled. The buyer must make payment of the sold currency before the conversion is processed and the purchased currency is available for payment.
Single Euro Payments Area (SEPA)
The European’s domestic clearing scheme for simplifying the European banking transaction network and processing EUR payments within the SEPA region.
A spot conversion is a conversion that will settle in two days (T+2).
SWIFT stands for Society for Worldwide Interbank Financial Telecommunications. Set up in 1973, it’s a member-owned cooperative that developed a communication platform to transmit secure financial transaction information between the financial institutions it represents.
Third-Party Payments Processor
A third-party payments processor lets businesses handle transactions from various channels such as credit cards and debit cards, without having to establish their own banking relationships or set up a merchant bank account of their own.
A TOD conversion is a conversion that will settle today.
A TOM conversion is a conversion that will settle tomorrow (T+1). The T stands for Transaction Date.
The wholesale market used by banks, governments, investment funds and large corporates to buy and sell foreign currency is called the Spot Market. Spot means “on the spot” prices for soonest delivery possible. For most currencies, the standard settlement period for spot trades is two business days.
Wire transfer is the means of transferring money electronically around the world. This can be institutions, individuals or organisations. Also known as a ‘SWIFT payment’ as wires are dependent on SWIFT messaging and correspondent banking.
MatchPlaceIF 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 MatchPlaceIF 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 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 MatchPlaceIF 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.
MatchPlaceIF 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 MatchPlaceIF 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 MatchPlaceIF services. Each corporate and each investor is provided with an e-wallet 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.
MatchPlaceIF 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 MatchPlaceIF.
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. MatchPlaceIF 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 MatchPlaceIF 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.
. 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!