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July 12, 2012 04:29 pm GMT
By some estimations the foreign exchange market processes a total of around $4 billion a day and within that the value of cross border payments made - that is, between countries - is worth about $200 billion a day, give or take a few dollars. As of today the vast majority of those cross-border payments are done through banks and it's in their interests to keep the market favourable to themselves. Typically they charge a 4% fee whenever you make a cross-border payments. Plus, making and receiving international payments is still a very manual thing, with nearly 30% of transactions running into issues. That's an extremely large, fat monopoly waiting to be disrupted, and today The Currency Cloud startup is raising yet another round of funding to attack it.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/8rz5piC_rGY/
The Currency Cloud Closes Another $3m To Attack Banks Cross-Border Payments Monopoly
By some estimations the foreign exchange market processes a total of around $4 billion a day and within that the value of cross border payments made - that is, between countries - is worth about $200 billion a day, give or take a few dollars. As of today the vast majority of those cross-border payments are done through banks and it's in their interests to keep the market favourable to themselves. Typically they charge a 4% fee whenever you make a cross-border payments. Plus, making and receiving international payments is still a very manual thing, with nearly 30% of transactions running into issues. That's an extremely large, fat monopoly waiting to be disrupted, and today The Currency Cloud startup is raising yet another round of funding to attack it.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/8rz5piC_rGY/
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