TITLE: LumoXchange – A currency exchange marketplace for cross border peer-to-peer payments
CATEGORY: End User Experience, Innovative Agent Solution, Back-Office Solution, Social Impact, Open Category
NAME: Maf | Sonko
CITY: Little Rock
COUNTRY: United States
APPLICANT TYPE: Company
LumoXchange was created for one purpose: to enable people to send more for less. Our intuitive remittance platform allows our customers to send money where it needs to go in a simple, transparent, and affordable manner.
We are transforming the traditional remittance business model by revealing the real exchange rates at the local level, allowing our customers to easily search, compare, and send money online with the best exchange rates available. Our ability to offer our customers the best exchange rates possible comes from our innovative Local Exchange Networks (LENs) created with local financial institutions in each country. We reveal the real daily exchange rates for each local partner and let customers pick the best exchange rate available.
This ability to search, compare, and send money using exchange rates at the local level is truly unprecedented because we connect our users directly to the source of foreign exchange. We simplify the process of sending money by eliminating the need for users to conduct multiple google searches to find the best exchange rate. With one simple search on LumoXchange, we give them access to the live daily interbank rates directly from the leading local banks in the country they wish to send money and choose the local service provider they want to use then pay for their services on ONE platform.
Our solution brings true transparency to the remittance industry because we provide an open marketplace for our local partners to compete for inward remittance volume by providing the best exchange rate and transfer services. This means users get the same rates that their current money transfer provider gets thus reducing cost for senders and increased brand recognition for our local partners.
SOLUTION IS LIVE? Yes