Founded in 1962, Moneycorp is the UK’s leading independent foreign currency exchange broker, completing more than 2.4m customer transactions and trading £11bn in foreign currency per year.
Moneycorp prides itself on its unrivalled customer service and financial expertise, whether developing FX strategies for corporate clients or providing travellers with holiday currency at their retail locations.
In 2011, Moneycorp’s IT infrastructure was struggling to keep up with the business’ rapid growth and evolving position in the market. A lack of ongoing investment meant that Moneycorp’s legacy IT, run from its basement location in Knightsbridge, was impacting its speed to market and competitiveness. In short, the business needed a dramatic technology overhaul to provide scope for expansion.
Moneycorp had 3 clear objectives:
Moneycorp selected Adapt for its flexible, receptive approach and ability to customise services to meet Moneycorp’s specific requirements. Adapt was initially asked to provide basic split-site colocation services, however as the relationship progressed, the original scope was extended to a fully managed outsourced environment.
Adapt’s award-winning platforms now deliver high availability, powerful resilience and built-in dual site DR to Moneycorp, leading to a number of specific benefits.
Right-sized infrastructure: The transformation undertaken by Adapt has delivered the potential for elastic expansion.
Transparency: Adapt’s Management Portal gives Moneycorp a transparent view of performance against agreed service levels. The portal also allows Moneycorp to raise incidents and change requests, sanction and action changes, extract reports and access all infrastructure documentation.
Resilience: Moneycorp’s Recovery Time Objective (RTO) has been reduced from days to an SLA of just 15 minutes. The project has also resulted in a system with no single point of failure within the entire infrastructure. This has meant a reduction in Moneycorp’s overall IT risk profile and enhanced business continuity.
Dedicated, high quality service management: Adapt’s innovative Service Pod model – a ‘focused technical centre of excellence’ - takes ownership of Moneycorp’s environment and acts as an extension of its in house IT team, who are now free from reactive day-to-day hardware maintenance.
Support 24/7: Adapt supports Moneycorp round the clock from a state-of-the art Service Operations Centre (SOC), utilising powerful monitoring tools to ensure Moneycorp’s services and systems are running optimally at all times.
Moneycorp is now able to align capacity, growth and budget down to individual component level - storage, compute or network resources - that scale at a clear unit cost, allowing Moneycorp to move from CAPEX to a smoother OPEX-based model.
Kenneth Byrne, Head of IT Services:
“In 2013, Moneycorp tripled the size of our Retail branch estate, taking on Gatwick, Heathrow and Bristol airports. We doubled the number of private clients using our online international payments service and doubled the Travel Money and Prepaid card businesses, all without any day-to-day concern about infrastructure capacity. Our regular service review meetings with Adapt mean that capacity trends are always highlighted and any remedial actions quickly put into place.”
“Adapt is that rare thing – a company that actually lives up to its name. During the selection process they constantly evolved and re-worked their offering, from the initial colocation response to the final hybrid design, at every stage taking into account feedback from Moneycorp’s business units and technical teams. It was this active engagement and design flexibility, both from a technical solution and pre-sales/ account management point of view, that has set them apart from the competition.”
We were so impressed with Adapt’s breadth of offering and genuine understanding of our needs that we decided to rethink our IT strategy to incorporate their managed service. The flexible OPEX-based model was very attractive to us, freeing up capital to further invest in the development of our trading platform. The commercial and technical advantages were too powerful to ignore.
Reducing recovery time from days to minutes
No single point of failure, lowering overall risk profile
Improving performance & efficiency across all systems, creating scale
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Reducing risk & creating scale for leading independent Forex broker
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