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.
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Global Money Transfer Summit Presentation
- 1. FX and Settlements Michael Laven, CEO www.thecurrencycloud.com @currency_cloud
- 3. Global remittance flows about $400-$500B a year www.thecurrencycloud.com
- 4. Global Import/export $30T/year 50 times larger <put in 1% savings of 30T here> www.thecurrencycloud.com
- 5. Whatβs the problem? ο Controlled by banks who run in fear of regulators ο Old infrastructure that doesn'tβt keep up with increasing flows ο Regulatory overhead + old technology = high prices and bad services ο Consumers and small business pay the price www.thecurrencycloud.com
- 6. Whatβs the way out Dramatically reduce cost Take out friction Increase transparency <4th one?> www.thecurrencycloud.com
- 7. The Currency Cloud β’ Fixed cost--converting FX from brokerage to service β’ Infrastructure for the next generation β’ Basis points, not percentages β’ FX everywhereβeasy to integrate via API β’ Full price transparency www.thecurrencycloud.com
- 8. Sample of Our Customers Hi-Volume Payments 100βs payments / day $100-$5,000 Local pay-out / pay-in API Hi-Value Payments Client 1-10 payments / day $50k-$1m SWIFT Apps Customers www.thecurrencycloud.com Infrastructure End-Users
- 9. The Currency Cloud β’ $4 Billion per year run-rate of payments β’ Currently processing 10,000 payments/month growing to 50,000 in 2014 β’ 100 direct customerβs and 50,000 channel customers β’ Global banking network www.thecurrencycloud.com
- 10. Hereβs the way to do all those things New Money Transfer Companies New Digital Platforms New Partnerships www.thecurrencycloud.com
- 11. βWe 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, whoβs going to risk that? Big banks have a role to play but itβs not bringing the people from a remote village into mainstream banking β thatβs a job for another type of institution. Regulation is against us, the market is against us, reality is against us.β (Financial Services Club Blog, June 2010) www.thecurrencycloud.com
- 12. Small businesses, the underbanked & underserved need a new deal. www.thecurrencycloud.com
Editor's Notes
- Mike Laven background What I will talk about: topical, then TCC, then priciplesWhy do we need innovation
- Global money transfer growing massively---get more statsNorth South
- Note that the B2B money transfer business is 50X the remittances businessBut all we usually here aboutAnd when Barclays shut down small transfer business its both poor people and small business that suffers
- All firctionless, transparent and low cost
- This is what the banks says about itβlet me read. Bank was caught between two important global priorities: Open markets to increase competition, increase access and bring down fees and protect against reputational riskWhatβs the bigger picture