Moneybookers
Encyclopedia
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 order
s. 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.
Moneybookers was bought by Investcorp Technology Partners
for €
105 Million in March 2007 and as of the 9 March 2009 has been put up for sale by its owners Investcorp for an estimated £365m.
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 chargeback
s 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, private equity-backed firm in the UK based on profits.
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.
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.
. Moneybookers is regulated by the Financial Services Authority
of the United Kingdom.
, 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."
Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
. It serves as an electronic alternative to traditional paper methods such as cheques and money order
Money order
A money order is a payment order for a pre-specified amount of money. Because it is required that the funds be prepaid for the amount shown on it, it is a more trusted method of payment than a cheque.-History of money orders:...
s. Moneybookers performs payment processing for websites, online auction
Auction
An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder...
sites, and other corporate
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
users. In 2011, Moneybookers announced that they would be rebranding their service as Skrill by the following year.
Moneybookers was bought by Investcorp Technology Partners
Investcorp
Investcorp is a manager of alternative investment products, serving high-net-worth private and institutional clients. Its principal client base is in the six countries of the Gulf Co-operation Council, but it also has institutional clients in North America and Europe...
for €
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
105 Million in March 2007 and as of the 9 March 2009 has been put up for sale by its owners Investcorp for an estimated £365m.
Like many competing online fund transfer services (e.g., PayPal
PayPal
PayPal is an American-based global e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders....
), Moneybookers requires identity verification before using their service to minimize fraud and prevent money laundering
Money laundering
Money laundering is the process of disguising illegal sources of money so that it looks like it came from legal sources. The methods by which money may be laundered are varied and can range in sophistication. Many regulatory and governmental authorities quote estimates each year for the amount...
. Additional verification steps raise the maximum amount transferable to €
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
50,000 or equivalent within a 90-day period. Moneybookers does not usually get involved in merchandise disputes and the availability of credit card chargeback
Chargeback
A chargeback is the return of funds to a consumer, forcibly initiated by the consumer's issuing bank. Specifically, it is the reversal of a prior outbound transfer of funds from a consumer's bank account, line of credit, or credit card....
s 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
Facebook
Facebook is a social networking service and website launched in February 2004, operated and privately owned by Facebook, Inc. , Facebook has more than 800 million active users. Users must register before using the site, after which they may create a personal profile, add other users as...
, Skype
Skype
Skype is a software application that allows users to make voice and video calls and chat over the Internet. Calls to other users within the Skype service are free, while calls to both traditional landline telephones and mobile phones can be made for a fee using a debit-based user account system...
and eBay
EBay
eBay Inc. is an American internet consumer-to-consumer corporation that manages eBay.com, an online auction and shopping website in which people and businesses buy and sell a broad variety of goods and services worldwide...
. In February 2010, The Sunday Times Deloitte Buyout Track 100 League table ranked Moneybookers as the Number #1 fastest growing, private equity-backed firm in the UK based on profits.
History
The moneybookers.com domain was created June 17, 2001. It was launched on 1 April 2002 according to the Moneybookers press center.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.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
Escrow
An escrow is:* an arrangement made under contractual provisions between transacting parties, whereby an independent trusted third party receives and disburses money and/or documents for the transacting parties, with the timing of such disbursement by the third party dependent on the fulfillment of...
payments (for online trading) as well as online SMS
SMS
SMS is a form of text messaging communication on phones and mobile phones. The terms SMS or sms may also refer to:- Computer hardware :...
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
EBay
eBay Inc. is an American internet consumer-to-consumer corporation that manages eBay.com, an online auction and shopping website in which people and businesses buy and sell a broad variety of goods and services worldwide...
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 EUEuropean Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
. Moneybookers is regulated by the Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
of the United Kingdom.
WikiLeaks Controversy
Moneybookers collected donations for WikiLeaksWikileaks
WikiLeaks is an international self-described not-for-profit organisation that publishes submissions of private, secret, and classified media from anonymous news sources, news leaks, and whistleblowers. Its website, launched in 2006 under The Sunshine Press organisation, claimed a database of more...
, 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
Julian Assange
Julian Paul Assange is an Australian publisher, journalist, writer, computer programmer and Internet activist. He is the editor in chief of WikiLeaks, a whistleblower website and conduit for worldwide news leaks with the stated purpose of creating open governments.WikiLeaks has published material...
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."