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Global Money Transfer Summit Presentation


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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.

Published in: Economy & Finance, Business
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Global Money Transfer Summit Presentation

  1. 1. FX and Settlements Michael Laven, CEO @currency_cloud
  2. 2.
  3. 3. Global remittance flows about $400-$500B a year
  4. 4. Global Import/export $30T/year 50 times larger <put in 1% savings of 30T here>
  5. 5. 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
  6. 6. What’s the way out Dramatically reduce cost Take out friction Increase transparency <4th one?>
  7. 7. 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
  8. 8. Sample of Our Customers Hi-Volume Payments 100’s payments / day $100-$5,000 Local pay-out / pay-in API Hi-Value Payments Client 1-10 payments / day $50k-$1m SWIFT Apps Customers Infrastructure End-Users
  9. 9. 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
  10. 10. Here’s the way to do all those things New Money Transfer Companies New Digital Platforms New Partnerships
  11. 11. ―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 $12bn 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)
  12. 12. Small businesses, the underbanked & underserved need a new deal.