Global Money Transfer Summit Presentation
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Transcript of Global Money Transfer Summit Presentation
![Page 1: Global Money Transfer Summit Presentation](https://reader033.fdocuments.in/reader033/viewer/2022061222/54c170634a79595a5d8b4656/html5/thumbnails/1.jpg)
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FX and Settlements
Michael Laven, CEO
@currency_cloud
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Foreign Exchange costs too
much
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Global remittance flows about $400-$500B a year
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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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www.thecurrencycloud.com
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.