Thomas Cook is launching a new financial services division that will transform the holiday money and insurance services it provides to customers.

Thomas Cook Money brings all the operator's existing financial services under one roof but also focuses on launching innovative new products to help customers plan, save, borrow and spend their holiday money, both at home and abroad.

The new product is launching in the UK with two new products, which it plans to roll out across other markets in the coming months.

Roam gives holidaymakers unique control over their insurance, with an app that enables them to tailor their cover on a per-trip, per-day and per-person basis. It offers a fast and simple sign-up and the ability to manage everything via the app right up to the moment of departure, giving holidaymakers on-demand control over their travel insurance, including refunds on unused days should trips end earlier than expected.

The second product, Lyk, represents a major revamp of the company's prepaid travel card offering. Lyk is an app-based service which gives customers a contactless payment card that can be loaded in ten major currencies and, as a Mastercard, is accepted worldwide. Instant balance and transaction information in the app allows customers to more easily manage their holiday spending. The card can also be switched on or off using the app should it be lost or stolen, with 24-hour support from a dedicated helpline if required.

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