Moorwand, a BIN sponsor and issuer that transforms compliance into an enabler of innovation, today announced that it has been selected by deVere Group to provide issuing services and BIN Sponsorship for Vault, its multi-currency Mastercard, across 14 different European markets.
deVere Vault, one of the digital banking products offered by the deVere Group, is a mobile app paired with a multi-currency Mastercard designed to meet the financial needs of international investors, expatriates and other globally-minded individuals.
Vault offers five wallets denominated in four currencies: EUR, GBP, USD and CHF. 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.
“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,” said Nigel Green, CEO and founder of deVere Group. “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.”
“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,” said Luc Gueriane, Chief Commercial Officer at Moorwand. “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.”
