Xendpay Joins RippleNet to Bring Fee-Free Cross Border Payment Options to SE Asia

By joining RippleNet – the global payments network that leverages blockchain technology to quickly and inexpensively facilitate transactions – cross-border money transfer specialist Xendpay will bring its fee-agnostic remittance service to customers in countries like Bangladesh, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.

This includes access to its Pay What You Want feature that enables customers to pay no fees on transfers totaling $2,500 over the course of a calendar year. For businesses, the option is twice as valuable with a $5,000 fee-free limit.

“Most of our customers are migrants who are sending money back home,” Xendpay Head of Product Innovation Bhavin Vaghela said. “This money is vital to support their families: to pay rent or mortgage, electricity bills, medical fees, and education costs.” He added that, as an online service, Xendpay is able to save on overhead and pass that savings on to the customer.

“I think of our fees as similar to providing a tip,” Vaghela said. “If you feel like you’ve been treated well, received a good rate and enjoyed the experience, you might pay the recommended rate. We’ve even had clients pay us more.”

In joining RippleNet, Xendpay and its customers will benefit from a significant increase in processing speed for international money transfers, according to Vaghela. He noted that a transfer in a currency like the Thai Baht that might have taken up to four days to complete, now takes less than an hour courtesy of RippleNet’s technology and network of partners. Not only does the partnership with RippleNet accelerate the money transfers Xendpay has always offered, but also the collaboration enables Xendpay to provide money transfers it previously felt it could not.

“We were unable to offer currencies like Malaysian Ringgit or Bangladeshi Taka before,” Vaghela said. “Now that it’s easier to connect with local partners, we can provide our clients with more local currencies and, therefore, see new growth in those corridors.”

Xendpay demonstrated its cash-to-cash mobile international payment service at FinovateEurope 2013. Founded in 2012 by Paresh Davdra and Rajesh Agrawal, CEO, and headquartered in London, U.K., the company offers its services in 200+ countries, and transfers funds in more than 50 currencies and 2,900+ currency pairs. Xendpay is agent of foreign currency exchange payments firm RationalFX, founded in 2005 by Davdra and Agrawal.

Finovate Alumni News

On Finovate.com

  • Insurwave onboards Xceptor to digitize insurance documents.
  • Finovate Global: A Look at Fintech Talent in Singapore; Mobile Money Goes Live in South Sudan.
  • New Investment Makes Numbrs Europe’s Latest Fintech Unicorn.
  • Xendpay Joins RippleNet to Bring Fee Free Cross Border Payment Options to SE Asia.

Around the web

  • ABC TECH Group and Mambu partner to support banks’ digital transformation.
  • Meniga appoints Arpit Kaushik as new Chief Operating Officer.
  • Pagaya Investments partners with Prosper for to issue unsecured consumer loans from its securitization platform.
  • European Business Awards names Featurespace on its Ones to Watch list.
  • Revolut adds three banking veterans to its senior executive team.
  • Personetics Opens R&D Center in Nazareth.
  • ProfitStars marks 500 banks and financial services companies leveraging its commercial lending technology.
  • Onfido tests portable identity with U.K. fintechs.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Mortgagetech Innovator Blend Picks Up $100 Million Investment.
  • Finovate Alums Among Top Investment Targets for Top European Banks.

Around the web

  • iSignthis inks deal to begin contracting merchants to ISXPay Australia for card acquiring.
  • Stripe to offer instant payments solution from Klarna on its interface.
  • ABA Banking Journal features receipt management solution provider, Shoeboxed.
  • Xendpay launches Pay Day Initiative with no transfer fees or payment transfer limits.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

Around the web

  • New Xendpay Business services provides SMEs with”pay what you want” option for international money-transfer fees.
  • BioCatch upgrades behavioral biometrics offering to enhance online and mobile performance in the enterprise.
  • Neustar unveils Fraud Detection Solutions product to help integrate multiple identify-verification ecosystems.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

From CEO to Deputy Mayor, Xendpay’s Rajesh Agrawal Heads to City Hall

Xendpay_homepage_June2016

The new mayor of London isn’t just pro-business. He’s pro-fintech, as well.

To help his city manage the financial ramifications of the vote this week for the United Kingdom to leave the European Union, London’s new mayor, Sadiq Khan, has appointed Xendpay founder and CEO Rajesh Agrawal as deputy mayor.

“I know that Rajesh is the best person for the job of protecting jobs and growth in London as we deal with the fallout of the referendum,” Khan said. The mayor credited Agrawal’s experience in creating “multi-million pound businesses from scratch” as giving the fintech entrepreneur insight into the challenges businesses face in the United Kingdom.

Xendpay_stage_FEU2013b

Xendpay founder and CEO Rajesh Agrawal demonstrated his online money-transfer technology at FinovateEurope 2013 in London.

Agrawal, who in 2012 founded international money-transfer specialist Xendpay and served as Khan’s business adviser during the mayoral campaign, added that the sense of welcome he experienced as an immigrant to the UK must be maintained even as the country’s relationship with Europe changes. “(I) found a city that welcomed me with open arms and didn’t make me feel like a stranger,” Agrawal said. “This openness to talent and enterprise must not change as a result of the referendum.”

Xendpay’s online money-transfer service allows people to send money either to bank accounts, or to the company’s partnering network of cash-collection points. Geared toward international travelers of all kinds—from tourists to students to migrant workers, and available in English, Spanish, German, French, and Polish—Xendpay offers both cash-to-cash as well as more traditional card-to-bank transfers. All payments are covered by the FSA authorization of RationalFX, the foreign-exchange services firm Agrawal founded in 2005.

Agrawal demonstrated the Xendpay platform at FinovateEurope 2013. Earlier this year, the company announced that its money-transfer service was available in Tanzania and Burkina Faso.

 

 

 

Finovate Alumni News

On Finovate.com

  • GBG Group Agrees to Acquire IDScan Biometrics
  • Check out this week’s FinDEVr APIntelligence.
  • Kreditech Launches Online POS Financing Solution
  • Fenergo Adds Enhanced Rules, Remediation to its CRS Compliance Solution
  • From CEO to Deputy Mayor, Xendpay’s Rajesh Agrawal Heads to City Hall

Around the web

  • The Paypers interviews ACI Worldwide’s Craig Saks, group president of strategic products.
  • The Media Line’s column on CyberWeek 2016 at Tel Aviv University features ThetaRay.
  • PYMNTS.com chats with Jeff Hampton, TSYS director of product marketing.
  • Greg Smith, Blooom president; Aaron David Bauer, Envestnet Executive MD; and Andy Swan of LikeFolio earn spots on Investment News’ 40 Under 40 list.
  • Matt Fellowes resigns as chief innovation officer at Morningstar—which bought HelloWallet in 2014—to build retirement software.
  • ID Analytics secures patent for systematic detection of fraud rings.
  • Fenergo enhances CRS compliance solution with enhanced rules and remediation.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Xendpay Brings its Money Transfer Service to Tanzania, Burkina Faso

Xendpay_homepage_Feb2016

Via strategic partnerships with mobile network operators M-Pesa-Vodafone of Tanzania and Air Tel Money of Burkina Faso, online money-transfer specialist Xendpay is expanding its services in Africa to the east and west at the same time.

The goal, according to Xendpay CEO Rajesh Agrawal, is to make transferring money into and out of Africa “easier, more transparent, and cost-effective.” Talking about money remittance and its impact on developing economies, Agrawal suggested that services like Xendpay can help drive economic growth, and promote political stability in emerging nations. “[Remittance] is a key tool for international development,” he said.

Additionally Xendpay will add Nigeria’s currency to its new currencies portfolio. The company currently serves more than 170 different countries and more than 45 different currencies.

Xendpay_stage_FEU2013

Xendpay CEO Rajesh Agrawal demonstrated his company’s online money transfer service at FinvoateEurope 2013.

Xendpay’s “pay what you want” approach makes the company unique among the growing field of international remittance companies. Xendpay recommends an amount for customers to pay for each money transfer to help cover costs. But the company stands behind its “no compulsory fees” business model, its emphasis on cash-to-cash transfers, and its commitment to spanning not just geography, but the generational distance between Xendpay customers, as well.

“Often there is a gap between [sender and receiver], and that gap is not just geographical, but generational, economical,” Agrawal explained during his company’s appearance at FinovateEurope: “Somebody like myself sending money back to my parents: I cannot use a company like PayPal, like eWallet. My father doesn’t even know how to operate a computer,” he said.

“We designed Xendpay to be so simple that our first-ever customer was a 76-year-old English lady living in France who was using Xendpay to transfer money from her U.K. bank account to her French account,” Agrawal added.

Xendpay accounts are free to open, and offer competitive exchange rates, online checks, and the ability to pay by bank transfer, credit or debit card, as well as Sofort. Transfers involving euros, pounds, and American dollars are typically sent the same day as funds received. For other countries such as Vietnam, Mexico, and Egypt, two-to-three working days is standard.

Xendpay was founded in 2012 and is headquartered in London. A member of the Rational Group of companies and a sister company to RationalFX, Xendpay demonstrated its money-transfer technology at FinovateEurope 2013.

Finovate Alumni News

On Finovate.com

  • Spreedly Secures $3 Million Financing Round”
  • Xendpay Brings its Money Transfer Service to Tanzania, Burkina Faso”
  • Cardlytics Takes Advantage of its Massive Amount of Customer Spend Data”

Around the web

  • Encap Security unveils version 3.1 of its Smarter Authentication platform, including support for Android fingerprint API.
  • Canada’s digital-first EQ Bank goes live with RetailSuite from Temenos.
  • TSYS and Ethoca team up to fight CNP fraud with the TSYS Transaction Recovery Network.
  • i-exceed technologies earns recognition in Gartner’s 2016 look at MADP vendors around the world. See i-exceed at FinDEVr 2016 in New York in March.
  • WSJ builds article on Cardlytics data.
  • Pymnts highlights cost savings from using the Ripple network.
  • Payments Source features Linkable Networks.
  • Signifyd extends integration with Shopify Plus.
  • Moven partners with Freelancers Union.
  • Check Point and IBM Security to share threat intelligence, announce product integrations.
  • TIO Networks ranks 2nd in top 10 tech companies on the 2016 TSX Venture 50.
  • Taulia launches global partner community, announces new partnerships.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • FinovateSpring 2015 Best of Show Winners Announced

Around the web

  • Xendpay extends its money-transfer service to Nepal.
  • Moven and Accenture partner to create digital banking solutions.
  • Xsolla launches strategic partnership with Secure Trading Financial Services.
  • Euro Pacific Bank to deploy T24 cloud banking solution from Temenos.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– November 4, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgOberthur and SecureKey announce collaboration to enable secure cloud transactions.
  • Zopa reports £250 million lent in 12 months.
  • Xendpay eliminates fee for overseas bank-to-bank transfers.
  • MX boosts its funding total to $20 million with new investment.
  • Xpenditure announces two new partnerships, US expansion.
  • Financial Advisor profiles robo-advisor, iQuantifi.
  • SK Planet teams up with Celcom Axiata Bhd to form joint-venture company, Celcom Planet.
  • Programmable Web takes a look at Feedzai’s anti-fraud API.
  • EyeVerify announces Eyeprint ID v2.0 to launch in January on iOS and Android.
  • Fidor Bank and Kraken join forces to launch specialized bank for crypto currencies.
  • TipRanks CEO and co-founder Uri Gruenbaum discusses financial accountability in a CNBC panel discussion.
  • Dragon Wealth named Euromoney Magazine’s Best Wealth Management Innovator in Asia.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– July 31, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgA discussion of “next gen PFM” at The Financial Brand features insights from Melanie Flanigan of Yodlee.
  • Xendpay announces mobile wallet service in Indonesia.
  • Wallaby for Samsung Gear 2 brings personal finance to the smart watch.
  • Grass Roots America deploys InComm’s Physical Fulfillment Solution to streamline physical and digital prepaid card delivery.
  • Payments provider MangoPay and Currency Cloud partner to offer better rates for international payments.
  • Herald Media explores how MoneyDesktop is contributing to the Utah business boom.
  • Infocomm Development Authority evaluating Tagit for accreditation to help it build capabilities and allow it to compete with big companies in bidding for government projects.
  • QuantConnect overhauls core backtesting technology to increase speed by 10x.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– March 29, 2013

Thumbnail image for Finovate-F-Logo.jpg

  • Atlanta Business Chronicle takes a look inside the TSYS/NetSpend merger.
  • TradeHero reaches $5 billion in virtual currency traded over 350,000 trades in the first three months.
  • Washington Trust Bank to deploy Jack Henry & Associates‘ SilverLake System core processing platform.
  • The Options Insider interviews TradeKing CEO Don Montanaro.
  • Leading U.S. healthcare insurer invested more than $250k to implement a Kofax-based solution. See Kofax demo at FinovateSpring.
  • Bill.com announces it enables more than 175k businesses to pay and get paid.
  • Fargo bank adds Fiserv mobile banking, payment tools.
  • Dwolla site back up after DDoS attack.
  • BBC Easy launches C & I Loan Management Software for businesses looking to save time on cumbersome BBCs. Check out BBC’s demo at FinovateSpring.
  • Keynote DeviceAnywhere platform now integrated with Worksoft Certif.
  • AH Capital raises more than $100,000 using Realty Mogul’s real estate crowd funding platform. Join Realty Mogul in San Francisco this May at FinovateSpring.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.