The Currency Cloud has developed a Foreign Exchange FX payments automation platform which supercharges the tired old world of cross-border business payments, aiming to reduce costs for business and make multi-currency payments more frictionless.Why is this interesting? Well, we’re talking about a team from the City of London that built the UBS online FX platform bringing their skills and experience to the combined revolutionary powers of the Cloud and SaaS. Since FX is one of the last great ripoffs in finance, this might actually be a pretty big deal.Obviously Foreign Exchange is a big market to attack. According to the Bank for International Settlements, the average daily turnover in global foreign exchange markets is estimated at over $4 trillion.The startup now has over 100 corporate customers using the company’s SaaS offering and 20+ platform partners using its API. Think Stripe a developer-friendly way to accept payments but geared toward Foreign Exchange and you are close to what The Currency Cloud is.Mike Laven, CEO and veteran of the West Coast tech scene, says “Businesses everywhere need to deal in multi-currencies in every working day. Yet the methods being used are antiquated and expensive to all but the largest corporates and the banks. Our re-design of the industry business model delivers price transparency, risk management and ease of use.”Fred Destin, Partner, Atlas Ventures, says FX remains error-prone, low tech and expensive and think the startup can “take costs out and bring transparency and automation in.” Sean Park, co-founder, Anthemis Group, added: “Selling one currency to buy another should not be that hard. Yet for the millions of companies and individuals doing so today is too often a painful and expensive experience.”It looks like The Currency Cloud is on to something.
Archive for the ‘Cloud Banking’ Category
Where will Apple, Amazon, Google meet up next year or the year after?
They’re all going to be banks!
Why do you think Apple is piling up all that cash. It’s a lot of cash for a consumer products company. But it is not so much cash for a bank.
Same with Google, and esp Amazon.
So now maybe that makes it clear why they want your real name on your Google-Plus accounts, and why they don’t want to screw around with corporate presences. Not such a problem for publications like TechCrunch or Mashable, which don’t move around a lot of money. But for any business like say an oil company (extreme example), they want to have all kinds of flows hooked up to your Google account.
Google plays a huge role today in defining value in Internet commerce. Google-Plus is their integrated communication system. Over time, it’s going to be at the core of everything they do, from auctions, to paying for things with Android phones, to their groupon and yelp clones. They’re going everywhere, and this is the system that will tie it all together. So, at the outset, of course they need real identities. That Google-Plus account you’re playing with today is going to be your bank account next year.
Facebook moved the ball way down the field, but now all the other big tech companies have their clues. Not as if Amazon didn’t already have a great way to get user involvement in the definition of value in commerce on the Internet. I can’t go shopping at a real world retailer anymore without already having previously made my decision on Amazon. Maybe for a few things, it’s still necessary to see them and feel them before buying. But the user product reviews on Amazon are the new standard. Google wants some of that action.
Don’t kid yourself about art being part of this, it’s not, in any way part of it. Or sociology. Or a “feel” for users. The big deal is who can make the money flow through their networks. And when it’s all finished, what that looks like is closest to what we think of as a bank today.