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-Midpoint adds Hong Kong, Australia and Brazil to payout options.

BANKING AND CREDIT NEWS-September 18, 2013--Midpoint adds Hong Kong, Australia and Brazil to payout options(C)2013 M2 COMMUNICATIONS

18 September 2013 -- London-based peer to peer foreign exchange service and international payments said it has added twenty nine new payout countries including Japan Hong Kong Australia UAE Saudi Arabia Israel Brazil Argentina and Chile.

According to the firm, the new payout countries have been added in response to demand from the organisation's growing client base.

midpoint launched in June 2013 to offer a fast and secure money-saving currency exchange service for businesses and individuals wanting to send US Dollars, British Pounds Sterling and Euros to overseas accounts. The organisation now has clients in the UK, Europe, America and Asia.

In real terms, a business exchanging GBP 5,000 into Euros each week could typically experience savings of more than 2%, a GBP 100 saving per transaction. This activity level would offer customers using midpoint around GBP5,000 a year saving over traditional currency exchange methods.

midpoint's said that its technology embraces a multi-party netting process was the first to 'match' foreign exchange requirements for individuals and companies e.g. Midpoint matches an order to buy British pounds with Euros, to an order that buys Euros with British pounds.

By directly matching businesses and individuals with opposite currency needs,midpoint is able to eliminate the 'spread' or 'margin' component from all transactions.

This is the mechanism by which current providers generate hundreds of millions in profits each year in the global foreign exchange markets.Withmidpoint, at the time of the match both parties receive the same exchange rate - the 'mid point' of the real time Interbank buy and sell rate. This ensures midpoint's rates are the best available.

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1 USD = 0.628534 GBP

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Publication:M2 Banking & Credit News (BCN)
Geographic Code:3BRAZ
Date:Sep 18, 2013
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