- Moneybookers
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Moneybookers Ltd. 
Type Online Payment and Money Transfer Service Founded London UK (2001) Headquarters London, England / UK Parent Investcorp Technology Partners[1] Website www.moneybookers.com Moneybookers is an e-commerce business that allows payments and money transfers to be made through the Internet. It serves as an electronic alternative to traditional paper methods such as cheques and money orders. Moneybookers performs payment processing for websites, online auction sites, and other corporate users. In 2011, Moneybookers announced that they would be rebranding their service as Skrill by the following year.[2]
Moneybookers was bought by Investcorp Technology Partners for €105 Million in March 2007[1] and as of the 9 March 2009 has been put up for sale by its owners Investcorp for an estimated £365m.[3]
Like many competing online fund transfer services (e.g., PayPal), Moneybookers requires identity verification before using their service to minimize fraud and prevent money laundering. Additional verification steps raise the maximum amount transferable to €50,000 or equivalent within a 90-day period. Moneybookers does not usually get involved in merchandise disputes and the availability of credit card chargebacks may be limited.
More than 100,000 merchants are registered with Moneybookers and its payments systems are integrated by global online brands such as Facebook, Skype and eBay. In February 2010, The Sunday Times Deloitte Buyout Track 100 League table ranked Moneybookers as the Number #1 fastest growing[4], private equity-backed firm in the UK based on profits.
Contents
History
The moneybookers.com domain was created June 17, 2001.[5] It was launched on 1 April 2002 according to the Moneybookers press center.[6]
Almost 2 million new users registered with Moneybookers in the initial 1.5 years of operation. On the 2nd September 2008, Moneybookers claimed to operate in all countries and handle over 5.5 million accounts. As of 27 January 2010, Moneybookers claims to have over 14.8 million account holders.
Business today
Moneybookers offers fully integrated worldwide banking network, provides more than 100 payment options, with 41 currencies covering 200 countries and territories. Reached 10 million account holders in December 2009. Currently has more than 18.5 million customers.[7] However, Moneybookers' US customers cannot receive money and foreign customers cannot upload funds using cards or accounts located in the US. Moneybookers also offers escrow payments (for online trading) as well as online SMS and fax sending services.
As of February 2009, Moneybookers US-based division "Moneybookers USA Inc." has been integrated on eBay.com as an official eBay payment provider in response to antitrust concerns.
Moneybookers.com reserves the right to lock any account at any time. Further they also reserve the right to impose a fee on any account at any time when a customer violates the terms and conditions they have agreed with upon registration. This information is stated within their terms and conditions.
Banking Status
Moneybookers is registered as a Money Service Business (No. 12115607) with HM Revenue and Customs in the United Kingdom, and is licensed to operate within the EU. Moneybookers is regulated by the Financial Services Authority of the United Kingdom.
WikiLeaks Controversy
Moneybookers collected donations for WikiLeaks, the whistleblower website known for publishing secret documents. In August 2010, Moneybookers blocked funding for WikiLeaks (despite the fact that no court order has been issued), telling the site that their account had been closed "to comply with money laundering or other investigations conducted by government authorities." Further correspondence from Moneybookers stated: "Following recent publicity and the subsequently addition of the WikiLeaks entity to blacklists in Australia and watchlists in the USA, we have terminated the business relationship.'" WikiLeaks founder Julian Assange stated: "This is likely to cause a huge backlash against Moneybookers. Craven behavior in relation to the US government is unlikely to be seen sympathetically."[8]
Rebranding
By summer in 2012 a new website and improved payment facilities will be launched along with a complete adoption of Skrill; dropping the Moneybookers brand. For existing merchants, all current functionality will remain available, however, Skrill recommends updating logos on checkout pages. Co-CEO of Skrill Martin Ott said on Newsblaze "The Real Time News" Skrill is a universal payment brand that works well internationally and has been optimized to standout and ultimately aid conversion at checkout pages of online-shops. It stands for liberating and simplifying the previously complex process of payments, offering a safe and innovative way for consumers to pay for goods online.[citation needed]
See also
- Online banking
- Bitcoin
- eBay
- Payoneer
References
- ^ a b "Investcorp Technology Partners Undertakes Buyout of Moneybookers Limited for EUR105 Million". http://www.prnewswire.co.uk/cgi/news/release?id=194056. Retrieved 2008-06-17.
- ^ http://www.moneybookers.com/app/skrill.pl
- ^ Telegraph.co.uk, Investcorp to sell Moneybookers
- ^ Number 1 fastest growing
- ^ "whois record". 2009-10-12. http://reports.internic.net/cgi/whois?whois_nic=moneybookers.com&type=domain. Retrieved 2009-10-12.
- ^ "Moneybookers.com". 2002-01-04. https://www.moneybookers.com/app/presscentre.pl?action=show&news_id=1. Retrieved 2009-03-19.
- ^ "Moneybookers Company Profile". http://www.fxcompared.com/blog/foreign-currency-companies/moneybookers-company-profile/.
- ^ WikiLeaks says funding has been blocked after government blacklisting The Guardian, 14 October 2010
External links
Categories:- Electronic currencies
- On-line payment
- Foreign exchange companies
- Companies established in 2001
Wikimedia Foundation. 2010.
