Awards Judge Rating Form - World 2023

Welcome to the CrossTech World 2023 Awards - Judging Panel

Below you will find the companies registered in each category, please read the information presented by each of them and then vote.

Each image is associated with a popup, you just have to click on it to display the information.

Before voting, please note the following:

The criteria to be considered at the time of evaluation are listed below:

Originality, Creativity & Intent of Concept
Value to Industry (how well does the innovation address a clearly defined problem, desire, or opportunity)
Marketing of Innovation (quality of story, size of reach, creativity in campaigns, targeted channels)
Game-Changer (potential impact and disrupt in their category and remittance industry as a whole)
Implementation & Performance (go-to-market strategy and entries with track record will be rewarded)
Sustainability & Potential for Growth (sound business model and market opportunity)

The score to be used for voting is as follows:

1 = Exceptionally Poor (the lowest score)
2 = Poor
3 = Weak
4 = Low-Average
5 = Average
6 = High-Average
7 = Strong / Good
8 = Excellent
9 = Exceptionally excellent (the highest score)

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Company Name: Terrapay

Innovation Active Since: 2023

Website: terrapay.com

What makes this initiative unique when compared to existing industry services? As the appetite for instant payments grows, it is imperative to forge partnerships and power innovation that meet this growing demand while also enhancing financial inclusion.
Our partnership with Bancolombia is a step in this direction.
Today, when we say that we power instant cross-border payments, we mean that over 97% of the payments processed on the TerraPay platform are done in less than a record time of 60 seconds! We have a success rate of 99.97% on payment deliveries.
Tapping into our infrastructure will empower Bancolombia customers abroad with real-time, secure, and convenient remittances, maximizing the entry of money into the Colombia from the United States, England, Spain and other countries in Europe. As well as from various nations in Asia and Africa.
At the same time, as the only financial services company with regulatory approvals and licenses in 29 countries, we provide our partners with direct financial access to markets globally while taking care of all the complex compliance hurdles of moving money across borders.

What have you gotten from the piloting project or execution phase of the initiative? Our reach and agile infrastructure, connecting 100 remittance companies in the world, enabling the flow of payments between 200+ send countries and 120+ receive countries, is set to strengthen the domestic remittance market. At the same time, leveraging TerraPay’s innovative payment solutions will enhance Bancolombia’s capabilities & reach exponentially, given that it has existing agreements with 17 remittance companies, with a scope of 125 sending countries.
Given this backdrop, Bancolombia is positioned as the largest payer of remittances in Colombia. In 2022, of the USD 9,429 million that arrived in the country, Bancolombia paid USD 5,692 million. This new agreement with TerraPay will multiply these flows, especially with an ally capable of innovating with its solutions and infrastructure.
TerraPay on the other hand will strengthen its position in the region while also bringing ease and effectiveness in the flow of resources globally. Bancolombia currently has the largest share of the remittance market, which for TerraPay means reaching this emerging market brimming with opportunities the right way with the right partner.

How does your innovation address a pressing industry challenge or pain point? With our minds set on financial inclusion, our partnership will help strengthen the domestic remittance market in Colombia while simplifying the complexities surrounding cross-border payments.
Through our partnership, we aim to break down the barriers of high transfer costs, zero transparency, delayed and slow transactions, complicated regulatory requirements, and cybersecurity threats.
According to recent studies by Bancolombia, 36% of the resources that arrive from abroad are used in the country to sustain households, while 13% is directed to the payment of obligations, 7% to expenses in health and well-being, 6% to fashion, 5% to food, and 6% to travel and transport. This highlights the criticality of ensuring money transfers are seamless, on-time, and secure.
Our aim is to empower more and more people with access to simplified, fully-compliant, and real-time money transfers across the globe.

What is your strategy for scaling and reaching a broader audience? Over the last few years, TerraPay has established itself as a leader in International Money Transfers. Today, we already have a strong and ever-expanding network of 120+ receive and 210+ send countries backed by 29 licenses and regulatory approvals globally. At the same time, we are constantly developing and adding new payment products and solutions like Wallet enablement, Virtual Cards, Acquiring, Card-to-Account, to best use our existing network for global B2B pay-outs, through necessary regulatory licenses and approvals, adding more settlement banks for regions with an aim to remove the dependency on cash overall.
We recently closed our Series B equity financing round, raising over $100 million in equity and debt financing, accelerating our global expansion plans, especially across the LATAM and MENA regions while also growing our existing pay-out network to 150 countries by 2024.
We are strong believers in collaboration and have, over the years, forged strong partnerships with key financial players across the globe, including Visa, Nequi, Network International, Papara, Safaricom, Airtel Money, Movii, bKash, MoneyGram, KCB Bank, The Bank of Philippines, and many more.

Company Name: AZA Finance

Innovation Active Since: 10/13/2013

Website: azafinance.com

What makes this initiative unique when compared to existing industry services? AZA Finance's unique payments API and web platform make the company the leading payments partner in Africa. For over a decade, AZA has been the go-to B2B cross-border payments provider in Africa, including for global remittance companies and international corporates. Unlike competitors, AZA Finance’s payments platform supports all major African and G20 currencies with transparent pricing, deep liquidity, world-class security standards -as well as 99.5% uptime and 24/7 support.

What have you gotten from the piloting project or execution phase of the initiative? Since the launch of our payments offering in 2013 (in our inception), we've constantly evolved our product as we execute transactions totalling billions of dollars annually for our clients. Initially, AZA Finance leveraged digital currencies as the fundamental rail for transacting between markets. However, as AZA Finance grew, so too did our reach and capabilities. We have since expanded into diverse markets, added more currencies to our portfolio, and acquired numerous companies and licenses.

How does your innovation address a pressing industry challenge or pain point? One significant challenge faced by businesses making payments internationally, including in Africa, is managing currency risk. Uncertainty in exchange rates can create potential losses, slowing down transactions and adding unnecessary costs. AZA Finance addresses this issue head-on, mitigating currency risk through our transparent pricing and easy-to-use platforms. We enable businesses to transact directly in their desired currencies, bypassing slower processing times and value losses.

What is your strategy for scaling and reaching a broader audience? One of our routes to scaling is to be the preferred partner for businesses entering African markets for payments. We have partnerships with remittance companies and Payment Service Providers (PSPs) that are expanding their markets of service to Africa.

Company Name: UniTeller Financial Services

Innovation Active Since: 2023

Website: uniteller.com/digital-link

What makes this initiative unique when compared to existing industry services? UniTeller unveiled its Business Payments line reaffirming our dedication to transforming global payments for businesses worldwide. UniTeller Business Payments stands out from existing industry services through its distinctive features, a platform driven by cutting-edge APIs, offering seamless integration and customization. A complete suite of digital solutions is tailored to streamline low-value, real-time B2C, B2B, and C2B cross-border payments and collections, ensuring businesses have the flexibility and efficiency they need.

What have you gotten from the piloting project or execution phase of the initiative?

The successful execution of our pilot project has led to significant outcomes:

1. Market Adoption: UniTeller's Business Payment platform has emerged as the preferred choice for businesses compared to their existing banking solutions, showcasing the trust our clients place in our services.

2. Enhanced Efficiency: Our platform has demonstrated remarkable efficiency, saving businesses valuable time and resources. It has optimized internal operations, resulting in an overall increase in operational efficiency.

How does your innovation address a pressing industry challenge or pain point?

UniTeller recognizes and addresses critical challenges faced by businesses in international payments:

1. Cross-Border Payment Delays: UniTeller resolves the issue of delays in cross-border business payments, providing businesses with a solution that is both timely and cost-efficient.

2. High Fees & Low FX Rates: Traditional banking institutions often impose exorbitant fees and offer unfavorable FX rates. UniTeller offers a cost-effective alternative, empowering businesses to conduct B2B payments efficiently.

What is your strategy for scaling and reaching a broader audience?

UniTeller's strategy for scaling and reaching a broader audience centers on strategic partnerships:
Leveraging strategic partnerships to extend our global reach, providing clients with unrivaled access to a real-time business payments network spanning over 100 countries, including hard-to-reach emerging markets.
Through collaborations, we aim to enhance convenience and efficiency for our clients, solidifying our commitment to revolutionize international payments.
UniTeller's Business Payment line represents an advancement in international business payments, addressing critical pain points and offering a comprehensive suite of solutions. We believe our innovative approach and commitment to excellence make us a strong contender for the Best International Business Payment Solution of the Year award.

Company Name: Aquanow

Innovation Active Since: 09/01/2018

Website: aquanow.com

What makes this initiative unique when compared to existing industry services? Traditionally, the movement of capital around the world has been slow and costly. Aquanow provides a cost-effective and timely enterprise solution to this problem. Aquanow is a leading infrastructure and liquidity provider that enables institutional and enterprise use-cases for digital assets. Through the use of stablecoins, Aquanow enables an extremely efficient and cost-effective remittance offering for its global client base.

What have you gotten from the piloting project or execution phase of the initiative? As an early mover into the digital asset ecosystem, Aquanow benefits from the growth of our customers and economies of scale that come along with our position.
Aquanow currently operates in 30+ countries and transacts billions of volume each month for its clients, enabling a broad range of financial service applications. Internationally, we have established ourselves in the circles of top tier firms, which we collaborate with on a daily basis.

How does your innovation address a pressing industry challenge or pain point? Financial institutions and fintech businesses come to Aquanow to access a suite of APIs that allow them to enable digital asset workflows reliably and in a regulatory compliant manner. Our customers rely on Aquanow to abstract away the complexities of these rapidly evolving technologies, and in doing so, significantly reduce the costs, and risks, associated with launching new products and services.

What is your strategy for scaling and reaching a broader audience? Aquanow has established itself as a leader in the digital asset infrastructure and liquidity space in Canada. Aquanow has laid out an ambitious global expansion strategy, and the company has seen tremendous growth throughout South and Central America, Asia, and Africa. Partnerships with key strategic players has been, and will continue to be, a pillar that helps drive expansion.

Company Name: Millennium EBS

Innovation Active Since: 07/31/2021

Website: millenniumebs.com

What makes this initiative unique when compared to existing industry services? The Millennium Payment Hub is designed in accordance with ISO 20022 standards, granting banks the capability to create their own private messaging network for remittance services. Its smooth integration with instant payment systems such as FedNow, coupled with Swift capabilities, facilitates swift fund reception, reducing risks. This comprehensive platform empowers financial institutions to oversee the entire payment process in real-time, including onboarding, compliance and monitoring.

What have you gotten from the piloting project or execution phase of the initiative? The project validated its concept, reduce risks, improve efficiency, enhance customer service, save costs, and potentially attract partnerships. It also offers compliance validation, showcases innovation, generates valuable data, and positions the payment hub for expansion in the financial services market, helping financial institutions streamline MTMX translations and streamlined process.

How does your innovation address a pressing industry challenge or pain point? Millennium Payment Hub tackles industry challenges by promoting interoperability, modernizing legacy systems, enriching data quality, streamlining compliance, bolstering fraud prevention, enabling straight-through processing, supporting globalization, enhancing the customer experience, improving efficiency, and fostering innovation in the financial sector. By acting as a middleware, the payment hub has the ability to enable CBDC for its banking partners.

What is your strategy for scaling and reaching a broader audience? Millennium EBS collaborates with SWIFT service bureaus, channel partners and compliance leaders like Thetaray. To expand reach, employ diverse content, SEO, social media, partnerships, email marketing, and user-generated content. Prioritize mobile optimization, feedback, data analytics, and strong branding while staying customer-centric and adaptable.

Company Name: MoneyGram International

Innovation Active Since: 01/01/2022

Website: moneygram.com

What makes this initiative unique when compared to existing industry services? The scale of MoneyGram’s physical and digital infrastructure makes its business disbursement solution unique for today’s interconnected world. MoneyGram is used by 49 million worldwide with 430,000 retail locations and 5 billion digital endpoints in over 200 countries. This enables businesses to utilize MoneyGram’s pre-existing payment rails that have resulted from decades of partnerships. The mix of physical and digital provides options to market-specific cash/digital customers.

What have you gotten from the piloting project or execution phase of the initiative? MoneyGram’s collaboration in the humanitarian aid space has given confidence that we can mobilize for organizations quickly by going to market at scale in a short period of time. For example, our ability to cash-out digital (stablecoin) aid to Ukrainians at MoneyGram locations in a pilot payment solution for UNHCR (UN Refugee Agency). Or a top social media company offering cash disbursements to content creators in cash-reliant markets, meeting creators needs and growing in emerging markets.

How does your innovation address a pressing industry challenge or pain point? With one API integration via MoneyGram, partnering organizations can quickly conduct cash disbursements in emerging markets, humanitarian aid and payroll payouts across the globe via cash, bank account, card (Visa/Mastercard) and mobile wallets in hundreds of currencies. The integration also leverages MoneyGram’s leading AML/KYC and fraud monitoring compliance technology. In 2021, only 0.013% of the 95M money transfer transactions processed by MoneyGram resulted in consumer fraud complaints.

What is your strategy for scaling and reaching a broader audience? MoneyGram is actively partnering with large payment aggregators to enable our Business Disbursement services as an offering to their existing and new customers.

Company Name: Paysend

Innovation Active Since: 04/01/2023

Website: paysend.com

What makes this initiative unique when compared to existing industry services? Traditionally, remittances are slow and expensive but with Paysend Libre, unbanked recipients in Guatemala & across LATAM can receive money from the US instantly onto a Mastercard digital card with only a phone number. Libre represents Paysend's mission for financial inclusion as it reaches unbanked people whilst revolutionizing the remittance experience to be as easy and accessible as possible. It provides remittance recipients a true alternative to receive money safely and conveniently.

What have you gotten from the piloting project or execution phase of the initiative? Paysend is learning from the Libre MVP in Guatemala this year before further expansion in LATAM. We have tested the value proposition and heard direct testimonials that Libre provides people with a financial safety net. We have created incentives to drive different behaviours because we are targeting people with historic distrust & limited experience with the financial system. We better understand the emotional side tied to remittances to increase trust and be a part of people's everyday lives.

How does your innovation address a pressing industry challenge or pain point? Remittances to LATAM serve as a safety net for millions - immigrants are a lifeline for their loved ones who rely on cash and have to pay higher fees for transactions. Paysend brings inclusive economic opportunity to the unbanked, by bringing them into the financial system through access to a virtual digital card and a convenient and safe way to facilitate money transfers to those who need it the most. This will make a fundamental impact on people, families, and the broader economic landscape.

What is your strategy for scaling and reaching a broader audience? Libre is enabled by a strong partner ecosystem including Mastercard, TelevisaUnivision, and BBC. Investment & close collaboration supports Paysend in its goals and ambitions for Libre in the LATAM region - by sharing data and working on activations together. From the recipient side, we are in each local community to bring education, awareness, and trust in a grassroots way. We are also reaching the sender side with our partners through different product verticals and reaching community leaders.

Company Name: Ankura/Chartwell Compliance

Innovation Active Since:

Website: chartwellcompliance.com

What makes this initiative unique when compared to existing industry services? Ankura’s US-based anti-financial crime team, formerly Chartwell, is a well-established fintech compliance, outsourcing and licensing consultancy firm staffed by veterans and former regulators from the payments industry. We offer hands-on expertise that enables organizations to progress their businesses and thrive amidst the dynamic challenges associated with staying compliant in an ever more complex regulatory environment. Ankura acquired Chartwell expanding their collective range of products, services and expertise and our ability to help clients globally.

What have you gotten from the piloting project or execution phase of the initiative? Ankura has been awarded as one of the World's Best Management Consulting Firms by Forbes for the second year in a row. Our industry expertise spans money remitters and eWallets, virtual currency, bill pay, B2B, gaming, payments processing, online marketplaces, Fintech-oriented banks and almost every other area of Fintech payments.

How does your innovation address a pressing industry challenge or pain point? We support our clients across the full spectrum of Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) challenges. Whether developing comprehensive compliance programs, responding to regulatory investigations, or identifying and reporting suspicious activity, our team provides the technical guidance and practical solutions that instill confidence and deliver transparency to you, the Board, and your Regulator; we continue to assist many of the world’s top Fintech companies acquire and maintain their state money transmitter and lending licenses; build, enhance and administer their anti-money laundering and consumer compliance programs as well as perform deep audits on the adequacy of their regulatory compliance programs.

What is your strategy for scaling and reaching a broader audience? The addition of Chartwell provides Ankura with a clear market differentiator by allowing us to offer banking and Fintech compliance services that are uniquely complementary to our investigations, litigation, and oversight offerings. Our team members are cross-certified in regulatory compliance, anti-money laundering, testing, information technology, and security, and fraud. The diversified experience of our consultants provides our clients with access to seasoned examiners, operators, and regulatory policy makers in the banking, non-banking, and emerging payments compliance segments of the financial service industry.

Company Name: plug&lend

Innovation Active Since: 2022

Website: plugandlend.com

What makes this initiative unique when compared to existing industry services?

At plug&lend we asked ourselves a simple question: why is it possible for consumers to obtain a top-up advance or a salary advance but not a short-term advance of an upcoming remittance?

The answer is there is nothing preventing this from happening, enabling new-to credit consumers to have more means to face an emergency, plan for their future and start building their credit history.

We developed groundbreaking technology that combines a set of key building blocks to allow clients to apply in real time for the advance and receive the funds withing seconds. Our tools include a mobile wallet, card issuing capabilities, loan management, and real time underwriting, all supported by enhanced machine learning and data analytics. We model commercial and risk products based on mathematical, statistical and machine learning techniques, understanding the importance of the mix between supervised and unsupervised models, tying each model not only to mathematical indicators but also to impacts on the business. The development of these models is based on non-traditional alternative data such as, for example, metadata captured from the beneficiary's mobile phone. In our models we not only consider the prediction of defaults over time, but we also model other factors such as, for example, the risk to migrate from one country to another.

What have you gotten from the piloting project or execution phase of the initiative? We cannot comment specifically on our partner’s results, but we are confident to say that we are optimistic about our belief that PREMESA will be a widely adopted feature of any money transfer in the not so distant future.

How does your innovation address a pressing industry challenge or pain point? Money transfer companies face market challenges associated with lack of differentiation, pressure on fees/FX and technological intermediation. Our service provides a way for them to drive engagement and loyalty with their most frequent customers and a new source of revenue.

What is your strategy for scaling and reaching a broader audience? Finding the right partners and making our SaaS tools easy to use and quick to implement.

Company Name: Six Clovers

Innovation Active Since: 06/01/2021

Website: sixclovers.com

What makes this initiative unique when compared to existing industry services? Six Clovers offers Versal, the only full stack blockchain payments platform for regulated entities. The platform includes Versal Wallet (enterprise wallet w/flow automations), Versal Payments (web3 checkout and payouts), Versal Tokenize, and Versal Network (Travel Rule and seamless UX between Versal network participants). Regulated entities can leverage their fiat networks by combining them with our REST-API and dashboard, which means safe access to 18+ blockchains with no blockchain engineers.

What have you gotten from the piloting project or execution phase of the initiative? We launched a pilot with the payments innovation team at HSBC and Circle's USDC to understand their compliance and operational blockchain payment needs. We also did a pilot with a 30 year old trust company that has been servicing LATAM cross-border companies demanding the support of USDT as a deposit method. Crypto payments company Bithan was also a pilot of Six Clovers. From each we've fine tuned the AML/CTF, payment automation, key management, and user experience needs for blockchain payments.

How does your innovation address a pressing industry challenge or pain point? Stablecoins, a fiat currency pegged 1:1 by a digital asset on blockchain, makes accessing and sending USD equivalents global, instant, and 24/7.
With volume reaching $10T in 2023, the demand is clear for a borderless dollar. But how to allow regulated cross-border payment companies to leverage these benefits compliantly and blockchain expertise? Our co-founders as ex-PayPal executives are on a mission to solve this problem.

What is your strategy for scaling and reaching a broader audience? Our technology is built with scalability in mind and it works more compliantly, with less errors, and more efficiently when FIs invite their partners and clients to use Versal creating a network effect. Furthermore, we foster an ecosystem of liquidity providers, layer 1 and layer 2 blockchains, compliance solutions, node infrastructure, global licensing consultants, and crypto-friendly banks to ensure our clients have the redundancy and services they need to succeed today and the future.

Company Name: UniTeller Financial Services

Innovation Active Since: Inception/2012

Website: uniteller.com/digital-link

What makes this initiative unique when compared to existing industry services? UniTeller stands as an industry pioneer, reshaping the global cross-border payments landscape. As a subsidiary of a major financial group, we draw from a robust foundation of strength and expertise. Our distinctive edge lies in our unparalleled global distribution network and comprehensive licensing capabilities. We revolutionize cross-border payments by providing a transparent business model & implementing a top-tier compliance program that adds substantial value to our business partners. UniTeller's approach to delivering cross-border payments as a service is innovative and reflects our unwavering commitment to simplifying global transactions.

What have you gotten from the piloting project or execution phase of the initiative? UniTeller's journey began as a modest, traditional cash-to-cash remittance business. Today, it has evolved into a prominent gateway and processor for global digital cross-border payments. Our trajectory is marked by continuous growth and innovation. A single API integration with UniTeller now grants instant access to state-of-the-art digital and point-of-sale front-end solutions as well as a diverse array of payment options, alongside one of the most competitive payment networks worldwide, spanning over 200,000 cash pick-up locations and 5,000 banks and mobile wallets across 100+ countries

How does your innovation address a pressing industry challenge or pain point? Our innovation approach is a direct response to the critical pain points faced by Fintechs, Corporations, Remittance Companies, and Financial Institutions. These entities often grapple with challenges related to compliance, security, operational efficiency, and navigating a diverse and complex regulatory landscape across different jurisdictions and countries. Our solutions decisively address these concerns, mitigating the industry's pressing pain points, and providing a reliable means for our partners to thrive by offering competitive cross-border payments through our products, digital solutions, and global distribution network

What is your strategy for scaling and reaching a broader audience?

Our business model is designed for scalability, surpassing the traditional role of a payment provider. We actively engage as a strategic partner offering a transparent business model, regulatory expertise, technological capabilities, excellent customer service, and an industry-leading distribution network.

By aligning ourselves closely with our clients, we empower them to navigate the complex regulatory landscape and technological requirements. This unique approach positions UniTeller as a facilitator of transactions and medium for the growth and success of our partners.

We leverage these collaborations to extend our global reach, providing clients with unmatched access to a global payment network including hard-to-reach emerging markets. This collaborative approach is the cornerstone of our expansion efforts. By forging these partnerships, we are steadfast in our commitment to driving cross-border payments with even greater efficiency.

Company Name: UniTeller

Innovation Active Since: 07/01/2023

Website: uniteller.com

What makes this initiative unique when compared to existing industry services? The UniTeller Digital Link Product transcends standard White Label solutions. It serves as a comprehensive gateway for seamless cross-border fund transfers, covering all aspects of the service. Unlike conventional White Label services, our end-to-end Digital Cross-Border Payments as a Service Solution offers a plug-and-play integration to our API. This empowers businesses to provide a comprehensive payment experience under the UniTeller umbrella.

What have you gotten from the piloting project or execution phase of the initiative? Following our piloting phase, our digital solutions have truly come to the forefront. With over 15 operational programs and nearly 20 in the pipeline, we’ve successfully engaged major institutions in the Remittance and Cross-Border payments space. From International Payers to emerging Fintechs, Neobanks, Telcos, Banks, Retailers, and Agents, all rely on our API, White Label apps, proprietary distribution network, licensing, fraud control, and settlement capabilities.

How does your innovation address a pressing industry challenge or pain point? Our Turnkey White Label Solutions provide a solution to the industry’s real-time digital XB payment challenge. Leveraging our licenses, global paying network, compliance, & fraud prevention platform, we deliver a market-leading customer experience. Our solution provides companies with a competitive digital XB payment system, catering to P2P & low-value business payments & significantly reduces resource overheads, sparing businesses from infrastructure, development, licensing, & regulatory costs.

What is your strategy for scaling and reaching a broader audience? Our emphasis on partnerships drives our global reach. We’ve launched White Label and API Digital initiatives for Elektra, Banco Industrial, Banorte, Bantrab, MyBambu, USSC, usend-Inter, Felix Pago, Atlantida, MLhuillier, Maya Remesas, Atlas Express, Banreservas, Payvms, Clickvirtual, Smart, Interbank, Vodi, Everpayer, & more. These partnerships grant access to a network of 200,000+ locations & 4,000+ banks & wallets in 100+ countries, including hard-to-reach emerging markets & have been our strategy to scale.

Company Name: RemitONE

Innovation Active Since: 01/01/2022

Website: remitone.com

What makes this initiative unique when compared to existing industry services? At RemitONE, we are proud to be the leading provider of innovative white-labelled technology solutions for Money Service Businesses (MSBs) across the industry. What makes our product unique is that we go beyond traditional money transfer systems - we have developed our technology to enable our clients to become Remittance-as-a-Service (RaaS) providers. Like Multi-Mobile Relationship Manager, enabling multiple white labelled mobile apps for partners, redefining how businesses provide RaaS.

What have you gotten from the piloting project or execution phase of the initiative? Our clients have been able to unlock their potential and scale their operations, becoming RaaS providers which has further contributed to the remittance community and economy. For instance, we have clients like Metro Bank, who initially served only as receiving MTO but wanted to expand their business to include the sending side of the transaction. The RaaS solution enables them to quickly and easily become a full-service MTO without the need of obtaining licensing, saving them time and money.

How does your innovation address a pressing industry challenge or pain point? Our innovative solution stemmed from the realisation that smaller players in the industry were facing significant challenges in obtaining licences and bank accounts, as well as achieving efficiency and remaining compliant due to a lack of resources and budget constraints. Our RaaS solution benefits remitters and senders in remote communities who may not currently be served by traditional providers, that may not have any other option but to use informal channels.

What is your strategy for scaling and reaching a broader audience? Our scaling approach centers on strategic partnerships, expanding our user base, and a commitment to ongoing innovation. By these means, we aim to reach a broader audience, fostering growth and driving industry-wide change.

Company Name: Maya Labs

Innovation Active Since: 2017

Website: maya.tech

What makes this initiative unique when compared to existing industry services? Maya’s White label hardware & software extends & compliments a money transfer company’s existing services and compliance policy’s with a real time remote assist and self service alternative to traditional labor intensive cash based transactions for Money Transfer Companies and their agents.

What have you gotten from the piloting project or execution phase of the initiative?

Maya has learned placement of the devices within traditional MTO Agent locations is relatively
fast and simple.

- Underbanked Consumers within the age bracket of 18 to 45 are very comfortable interacting with Maya’s Smart Phone like interface & typically require little if any assistance.
- Customers in the 45+ Category prefer Maya’s Remote assist service for their initial transactions and then typically become comfortable handling transactions on their own. Although, They do like knowing someone is available to help at the touch of a button.
Maya’s Remote assist feature is identical to the traditional person to agent over the counter experience.
- In that the Maya powered device offers a real-time two way video between the customer and Money Transfer customer service employee.
- Transaction Details are verbally expressed between the customer and CSR via voice on mobile phone.
- CSR displays transactions details via the Maya device touch screen for the customer to review and verify.
- Upon confirmation the customer inserts cash and receives receipt with all required regulatory language - just as they do today.
- These transactions are stored and presented to the customer next time they login in to the device.

How does your innovation address a pressing industry challenge or pain point?

Initially Maya was a clever “nice to have” solution for unique opportunities. However post Covid it is becoming a “need to have “ solution for Money Transfer Companies & Their Agents. Why?

- Competitive pressures in the Money Transfer space are as strong as ever.
- Cost of Labor is increasing dramatically within many geography’s.
- California, as an example, averages $20 per hour for an entry level employee - if you can find them and many off these employee’s are being stretched with priorities.
- Example, Agent Service Center Employee’s are often pulled from behind the counter to full “instaCart” orders at grocery stores.
- Check Cashing Centers, Are leveraging Maya’s white label platform to overcome these challenges AND Expand their foot print into complimentary retailers - such as Grocery stores within their community.
- See Picture below of a leading check cashing chain in Florida using Maya’s white label platform to increase the quality of the customer experience and store operations.

What is your strategy for scaling and reaching a broader audience?

Maya is focused exclusively on serving the Check Cashing & Money Transfer Vertical for the next few years. We’re seeing our Check Cashing Business Customers drive the expansion of their locations into community grocers whom want to offer these important financial services to their customer without dedicating their own staff. The Maya solution is being distributed more broadly via Fiserv & Burroughs.

Company Name: BitAML

Innovation Active Since: 01/01/2023

Website: bitaml.com

What makes this initiative unique when compared to existing industry services? In response to harmful reactionary crypto legislation, BitAML's legislative initiative began collaborating with legislators, industry, and consumer groups to help shape regulation. Our approach was designed to increase the likelihood of regulations that balanced consumer protection with innovation. Founder & President, Joe Ciccolo, met directly with committee chairs and members of the California legislature, testified before the Assembly and Senate, and advocated for practical regulation.

What have you gotten from the piloting project or execution phase of the initiative? BitAML, on behalf of the industry, achieved significant success during the 2023 California legislative session. By collaborating with consumer groups, innovators, and stakeholders, and by testifying for sensible regulation, we effectively influenced legislators to amend multiple legislative bills that could have been devastating to innovators and the consumers that rely upon their products and services.

How does your innovation address a pressing industry challenge or pain point? BitAML addressed a pressing industry challenge by proactively engaging with legislators, industry pioneers, and consumer groups to help shape and positively influence crypto regulation. The approach mitigated potential harm brought on by reactionary legislation, while promoting balanced, consumer- and innovation-friendly regulations, helping ensure responsible growth of the crypto industry in California, as well as other jurisdictions that often take their cues from regulations in this state.

What is your strategy for scaling and reaching a broader audience? Our strategy for scaling and reaching a broader audience involved leveraging our successful crypto compliance and legislative advocacy in California. We aim to offer consultation services to lobbying groups, policymakers, and relevant stakeholders across various states. By actively participating in the legislative process, we can influence sound cryptocurrency regulation and expand our reach, ensuring a wider audience benefits from our proactive approach to fostering responsible industry growth.

Company Name: neofie

Innovation Active Since: 06/02/2022

Website: neofie.com

What makes this initiative unique when compared to existing industry services? Neofie empowers MSBs to launch their own branded neobank in 90 days. This includes the bank sponsorship, consumer app, program management, CS, and compliance management. We can integrate MSB existing products into the app, and add cash loads, ATM payouts, etc. The neofie difference is its unique turnkey solution that requires minimal work to launch, and its digital core banking platform that allows it to launch all sorts of deposit and lending products. Competitors cannot do that.

What have you gotten from the piloting project or execution phase of the initiative? We have launched two customers so far which allowed us to thoroughly test our product market fit, technology and processes and have gotten excellent results, We are planning now major marketing campaigns end of Q4 and into 2024. We will also be launching several additional customers and features like AI driven budgeting and savings, investing, crypto, insuretech and lending.

How does your innovation address a pressing industry challenge or pain point? The remittance industry faces four fundamental challenges:
1-Relationship with customers is transactional in nature. There is not built-in product loyalty.
2-Issues finding bank accounts
3-Constant pricing pressure with little differentiation
4-Small share of wallet considering that underbanked people spend $400-600/year
5-Setting up a neobank can take 1-1.5 years and cost millions
Adding a digital bank account to an MSB offering is the solution to resolving all these pain points.

What is your strategy for scaling and reaching a broader audience? We are forging alliances with MSB and other Fintech providers to use our white label solutions and offer it to their customers. So far our company has signed clients representing north of 20MM consumers and we are in the process of rolling those out.

Company Name: Almond FinTech

Innovation Active Since: 2021

Website: almondfintech.com

What makes this initiative unique when compared to existing industry services?

Almond FinTech is a B2B technology company providing transfer and credit scoring tools that empower everyone, everywhere.

Efficient Money Transfers:
● Almond’s Settlement Optimization Engine (SOE) is a smart tool designed to sift through numerous digital currencies to find the most cost-effective and prompt way to transfer money across borders. It's like having a savvy assistant to ensure you get the best deal every time you send money internationally.

Broadening Financial Access:
● Almond is on a mission to ensure everyone has access to essential financial services, regardless of their income. The company’s aim to dismantle financial hurdles that hinder people from participating in the global economy.

Streamlining Cross-border Payments:
● By using blockchain technology, they streamline cross-border payments, reducing the hassle, cost, and wait times traditionally associated with international money transfers.

Innovative Credit Scoring:
● Besides facilitating cross-border transactions, Almond has devised a unique credit scoring platform that assesses eligibility for loans using a blend of behavioral and financial data. This is particularly beneficial for individuals with unconventional or limited credit histories.

Upholding Security and Transparency:
● Almond adheres to stringent security standards to ensure every transaction is safe and transparent, thereby fostering trust and reliability in their services.

Ease of Integration:
● Almond provides intuitive tools for financial institutions to integrate with their platform, making it simpler for these entities to join their network and benefit from their innovative solutions.

Global Outreach:
● With partnerships across the globe, Almond is expanding its horizon to address cross-border transaction challenges on a larger scale, reaching out to various regions to make a broader impact.

Competent and Diverse Team:
● Backed by a team of skilled individuals and endorsed by reputable academic institutions, Almond combines expertise, passion, and a global vision to drive innovation in the fintech space. The team represents 15 different countries and speaks 25 languages.

In a nutshell, Almond FinTech is blending cutting-edge technology with a human-centered approach to make financial services more accessible, affordable, and secure for everyone, everywhere. Their focus on inclusivity, transparency, and ease of use reflects a refreshing and professional approach to tackling age-old challenges in the financial sector.

What have you gotten from the piloting project or execution phase of the initiative?

The journey through the execution phase has been both enlightening and affirming for Almond FinTech. The robust backing of a $7 million funding wasn't just a financial boost, but a vote of confidence in our mission and the technology driving it. This injection of funds is the fuel propelling our initiative into broader horizons, enabling us to expand our payment corridors across various global fronts.

On the tech side of things, the real-world application of our Settlement Optimization Engine has been nothing short of validating. This smart engine, tirelessly sifting through a maze of global blockchain networks to find the optimal paths for fund transfers, showcased its prowess by ensuring low transfer costs while maintaining high availability.

The near-instant settlements it facilitated were a bold statement against forex risks, minimizing international float requirements and giving the remittance market a fresh new outlook.

This validation isn’t just a pat on the back for our technology, but a promising nod towards the potential of solving the age-old challenges in cross-border transactions.

How does your innovation address a pressing industry challenge or pain point?

Almond FinTech is stepping up to significantly trim down the costs and delays tied to cross-border transactions, which have long been a thorn in the side for both individuals and small businesses.

Optimized Routing via Settlement Optimization Engine (SOE):
● At the heart of Almond's solution is the Settlement Optimization Engine, a smart piece of tech that scours through digital currencies and blockchains to find the most cost-effective and speedy route for moving funds internationally. It’s like having a financial GPS that ensures your money takes the express lane across borders.

Real-Time Settlements:
● The traditional cross-border transaction could be a slow crawl, but with Almond’s tech, it’s more of a sprint. The innovation ensures that the funds zip across borders, landing in the recipient’s account in near real-time. This pace is a game-changer for individuals and businesses who often can’t afford to have their funds stuck in the limbo of international banking systems.

Competitive Forex Rates:
● Almond isn’t about to let you get short-changed on the forex rates. Its smart pricing engine constantly sifts through data to snag the best possible currency exchange rate at any given moment. It’s like having a savvy broker who ensures you get a fair shake on the forex market, trimming down the costs of cross-border transactions.

Automation and Transparency:
● Almond’s approach streamlines the process, automating the heavy lifting and shedding light on the transaction journey. This reduces manual hiccups and brings a level of transparency that’s refreshing. Financial institutions and their customers get a clear view of the costs and timings, making the cross-border money voyage less of a mysterious voyage.

Cryptocurrency Bridge:
● Here’s where Almond gets a bit futuristic. By using cryptocurrencies as a bridge, it facilitates seamless transitions between fiat and digital currencies, speeding up the settlement process. It’s a neat workaround to the sluggish traditional systems, ensuring your money doesn’t dawdle through the banking maze.

By taking a swing at the high costs and slow speeds of cross-border transactions, Almond FinTech is throwing down a challenge to the old ways of doing things. It’s carving out a path for a faster, more affordable global money movement, making the financial playground a bit more inclusive and a lot more efficient.

What is your strategy for scaling and reaching a broader audience?

Almond FinTech's strategy for scaling and broadening its audience hinges on a blend of tech innovation and strategic alliances. Central to this is their Settlement Optimization Engine. By forging robust partnerships with financial institutions globally and offering them a turnkey solution via intuitive APIs, Almond is setting the stage for easy integration and wider adoption.

The company has its sights set on expanding its network of payment corridors across diverse geographies, from North America to South America, APAC, and the Middle East, thus broadening its global footprint. Moreover, Almond is investing in educational engagements and compliance standards like SOC2 Type 1 Compliance, fostering a culture of trust and awareness around its brand.

Their engagement in industry events, like the CrossTech Innovation Awards, serves as a platform to showcase their success stories, network with industry peers, and place Almond squarely on the fintech map. As part of its long-term strategy, Almond emphasizes continuous learning and adaptation to keep pace with the fast-evolving fintech realm, ensuring its offerings remain relevant and appealing to a broader audience.

Through a combination of tech-savvy, collaborative partnerships, and a keen eye on global expansion, Almond FinTech aims to dismantle financial barriers and usher in a new era of accessible financial services to a wider audience.

Company Name: Tranzmit

Innovation Active Since: 06/01/2023

Website: tranzmit.net

What makes this initiative unique when compared to existing industry services? There are other aggregators, but we are a fintech enabler: We offer a turnkey money transfer system, front and backends to new entrants in the industry; for existing players we offer an intuitive graphic front-end POS interface that callows them to operate with subagent locations and add other products, outbound API's for those whose systems only allow for inbound service. We offer a white label app branded with client logo and colors that their customers can use to send outbound transactions.

What have you gotten from the piloting project or execution phase of the initiative? We brought outbound as a service to one of the largest banks in Guatemala and in Honduras. We have launched our own app in Guatemala, but the white label version is being considered by a major money transfer company as their solution in Guatemala. A smaller payer in Mexico uses our turnkey money transfer system in paying out transactions at their locations in Mexico. We also manage integrations for companies in the US and in Cen America and are building a cross-border payments hub.

How does your innovation address a pressing industry challenge or pain point? We ask clients, "why reinvent the wheel?" Our solutions allow them greater speed to market at a lower cost than developing their own service. Our products allow more entrants into the industry and level the playing field. Our app drives financial inclusion and allows customers greater convenience when sending transactions.

What is your strategy for scaling and reaching a broader audience? Our solutions are highly scalable; those who use our system can add as many subagents as necessary. Our app is highly scalable and clients have no limit in the number of consumers that can use it. We will be carrying out marketing campaigns via Email and Linkedin as well as customer visits to get the word out about our services.

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