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Aligned with our audience and clients

The International payments

The Small & Medium Enterprise (SME) business sector has not been traditionally well serviced by high street Banks;
• Due to their relatively low volume and frequency of FX transactions they have been and continue to be subject to inefficient pricing and overcharging;

• This problem has been exacerbated by increased ‘Regulation’, specifically the maintenance of a client’s KYC file and banks’ targets of a minimum revenue per client;

• SMEs, whose volume and level of activity do not meet banks’ criteria will either be subjected to an increased margin to justify their KYC file being kept open, or be jettisoned completely on the premise that the required ‘mark-up’ does not meet the bank’s minimum margin requirement;

• This target audience lends itself readily to our Industry specific approach;

• Assumed competitors such as MoneyCorp, HIFX, Transferwise etc. currently target the retail market with a very generalist approach;

• Although providing efficient pricing, they are in no way industry specific;

• It is clear that in terms of recognition and allegiance, “brand names” such as AviationForex.com, MarineForex.com, MedicalForex.com etc. are readily accepted by companies operating within these sectors;

• Because you are in the same ‘sector’, access to the Senior Management / decision makers is easier, demonstrations are quickly understood and it is easy to show the significant cost savings to their business;
• Because of this ‘inside track’, we have found that referrals are forthcoming and genuine;

• To capitalise on industry experience and secure targeted revenues, our Sales and Account Executives, will be recruited from within each sector and trained to understand the requirements of correctly servicing clients in their Foreign Exchange and transaction requirements;

The Market Place

The global international payments market is estimated to be worth US$26tn, of which US$5.6tn belongs to this global SME sector (approximately 20%);
• For UK SMEs, international trade is worth over £700bn, of which £365bn takes place within the EU, £162bn of which are outgoing foreign currency payments (SEPA payments);
• Based on this last figure and the assumptions explained in this presentation, banks are charging UK SMEs a total 2.43% of the value transferred which equates to £3.96bn in transfer costs;
• Banks researched for a recent report show a common lack of transparency with no access to the foreign currency spread costs, they simply give a ‘spot rate’ on which they make an ’undeclared margin’ with the mid-market rate and then charge a fee;
• These fixed bank fees are usually publicly available and simply add to the pain of SMEs trying to keep costs down;
• Some banks do not even guarantee a fixed exchange rate until the transfer has been made; this means that if the customer gives an order to the bank to do a transfer of €10,000 in a weeks time the FX rate might be unknown until the transfer is executed on that date which makes the comparison and decision making process for SMEs extremely challenging;
• When comparing costs among banks there is no straightforward way of deciding who you should chose as the market is extremely varied and the internal bank system that generates the exchange rate is different from bank to bank;
• For example, on one day Bank A can be cheaper than Bank B, and on another day Bank A can be more expensive than Bank B;
• SMEs need to explore alternative options that provide more straightforward and cost effective solutions for transferring money internationally;

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