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In this interview, Mike Laven, CEO of Currency Cloud, describes why FinTech is not going to ‘kill the banks’, and why it is not looking to. Despite the perennial popularity of an ‘us versus them’ debate, that is not an accurate description of the relationship between banks and FinTech innovators. The major issue is that banks are in many cases relying on decades-old IT infrastructure that cannot cope with the modern challenges of today’s banking landscape. Currency Cloud is the perfect example of a company that is benefiting from how new technology is changing the currency markets. Currency Cloud provides its clients with total transparency about what their transfer will actually cost them. The advanced technology allows currency transfers to be priced at a wholesale rate that would not be available to most customers, and also to fully disclose what they are really paying. Currency Cloud is the power inside some of the most exciting businesses in the financial services and FinTech sector. It has over 150 clients who directly use its Payments Engine. In turn, its Payments Engine serves 500,000 end-users, ie, business or consumer customers of its clients.
Laven et al. (Tue,) studied this question.