The original concept for Xompare is drawn from the founders knowledge of working in the payments and financial services sector and from real life experiences. In recent years the influx of non-bank payment service providers has loosened the stranglehold that traditional high street banks have had over international payments; the main reason being that they are no longer the only option. Providers with differing remittance models and ways of clearing payments are now more cost effective to use and more popular than ever.
In addition to the above, this industry has seen a huge amount of regulation applied to it. One such example, within the European Union, is the Payment Services Directive (PSD), intended to create cost transparency, increase competition and uniform policies and procedures across countries. In foreign exchange in particular, regulators are now making it very clear that they will be clamping down on the marketing and promotion of currency transfer services which promise exchange rates that are unachievable.
In today’s age of comparison websites and with the public being accustomed to using such services for selecting the best provider for gas, electricity, car insurance, home insurance and mortgages (to name just a few), we were surprised to see that there is a lack of services that provide quality comparison for international payments. Many existing services only present the data on payment providers in a static manor, with generic information using fx rates and fees which can be days or even weeks old! The order of the providers does not appear to be cost based or very logical and therefore cannot be used as a reliable means of making an informed decision to suit individuals or businesses international payment needs.
At Xompare we set about tackling this problem with a core set of values and principles underpinning our approach
- Only obtain information in a live or real time manner
- Collect all costs and data which can affect a decision
- Present the data in a manner which is clear and transparent to users and allows for a fair comparison of providers
The result of this project is what you can see in our website today - but it won’t stop here! The concept will grow, with us adding new features and ways of making even better decisions at a time that suits you.
We hope you enjoy using our site!