The new name is set to become shorthand for a safe and innovative way for customers to shop online with greater choice, flexibility, reliability and peace of mind. Skrill better captures the ease and functionality of the company's online payment suite and reflects its recent success as it extends its international payment network even further for consumers and retailers alike.

Since Moneybookers Limited became the first e-money issuer to obtain an electronic money licence from the FSA, it's taken the company less than a decade to become one of the biggest players in online payments in Europe: it now has over 15 million account holders and 70,000 merchants globally. This year, Moneybookers was voted the UK's fastest growing private-equity funded company, by Deloitte and The Sunday Times.

This speed of change in the market and the business, combined with rapid growth, has led Moneybookers to change its name to one it believes better characterises its business and makes it stand out in a crowded market.

Martin Ott, Co-CEO of Skrill Holdings, said:

"We have never been a company to stand still, always evolving our products to better meet the needs and expectations of our retail partners and customers. Our next evolution is to rebrand as Skrill and, over time, to enhance our payment services as more and more of our customers' lives move online. We see a future in which the need for a real-time payments platform that is secure, economical and convenient is more crucial than ever.

"In the same way people 'Google' something or 'Skype' their friends, they can soon 'Skrill' their friends and family money and will use Skrill to pay whenever they shop online.

"This is a very exciting time for the company and over the coming months we will be working with our retail partners to unveil a new consumer-facing logo and brand."

Initially only the holding company name, MB (Holdings) Limited, will change to Skrill Holdings Limited but plans are in place for the consumer-facing brand Moneybookers.com to migrate to Skrill over the course of 2011. In the meantime, customers will continue to use Moneybookers.com as the safe and innovative way to pay for online goods and send money to friends and family.