LeapRate Exclusive… LeapRate has learned that the increasingly crowded online money transfer industry is about to get even more cramped.
Jim Tatchell, Circadian FX
Former Saxo Bank and City Index executive Jim Tatchell is getting set to launch his own entrant in the industry, with the fairly unique name of Circadian FX Solutions. (The word Circadian means ‘around the day’, and typically refers to things which run on 24-hour intervals, hence the phrase Circadian Rhythm. We’re not sure what that has to do with moving money, but it certainly is an interesting name).
The Circadian FX website is up in beta form allowing users to register. We understand that the principals plan to launch full service at the end of next week, on March 3.
Circadian FX is being set up with payments transfer technology from Currency Cloud, which will also look after all of the regulatory side, provide the branded dealing services online and by phone, and take care of payments. Currency Cloud processes about £1 billion of currency transfers per month, dealing with 9,000 trades per day.
We recently reported on similar plans by Gain Capital Holdings Inc (NYSE:GCAP), parent of retail forex broker Forex.com. Gain’s new venture, named GAIN Capital Payments Ltd., will operate under the ForeignExchange.com brand name and plans to launch during Q2.
The new services will compete with established online money transfer incumbents such as WorldFirst.