global money transfer summit presentation
DESCRIPTION
At this year's Global Money Transfer Summit, our CEO Mike Laven talks international payments, up and coming markets and how and innovation companies are coming together with the larger players to bring a seamless cross border payment system to businesses and consumers.TRANSCRIPT
www.thecurrencycloud.com
FX and Settlements
Michael Laven, CEO
@currency_cloud
www.thecurrencycloud.com
Foreign Exchange costs too
much
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Global remittance flows about $400-$500B a year
www.thecurrencycloud.com
Global Import/export $30T/year 50 times larger <put in 1% savings of 30T here>
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What’s the problem?
Controlled by banks who run in fear of regulators
Old infrastructure that doesn't’t keep up with increasing flows
Regulatory overhead + old technology = high prices and bad services
Consumers and small business pay the price
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What’s the way out
Dramatically reduce cost
Take out friction
Increase transparency
<4th one?>
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The Currency Cloud
• Fixed cost--converting FX from brokerage to service
• Infrastructure for the next generation
• Basis points, not percentages
• FX everywhere—easy to integrate via API
• Full price transparency
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Sample of Our Customers
Hi-Volume Payments
100’s payments / day$100-$5,000
Local pay-out / pay-in
Hi-Value Payments
Customers Infrastructure End-Users
Client
Apps
API
1-10 payments / day$50k-$1m
SWIFT
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The Currency Cloud
• $4 Billion per year run-rate of payments
• Currently processing 10,000 payments/month growing to 50,000 in 2014
• 100 direct customer’s and 50,000 channel customers
• Global banking network
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Here’s the way to do all those things
New Money Transfer Companies
New Digital Platforms
New Partnerships
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“We make 1% of the value of each transaction, but if we get one transaction wrong it could cost us over $100m in lawyer fees and $1-2bn of lost
business. For ten bucks, who’s going to risk that?
Big banks have a role to play but it’s not bringing the people from a remote village into mainstream banking – that’s a job for another
type of institution. Regulation is against us, the market is against us, reality is against us.”
(Financial Services Club Blog, June 2010)
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Small businesses, the underbanked & underserved
need a new deal.