Story image

Currency clicks

01 Feb 11

If you’re regularly moving money between here and Australia or the Pacific Islands, or have customers there, you’ll know all about expense and frustration. Bank charges and exchange rate fluctuations can add 10 or even 20% to the cost of a transaction.
KlickEx (www.klickex.com) aims to change all that. It allows people and businesses to exchange currencies without transfer fees. Users bid the rate they want to exchange their currency at. Once an exchange occurs the money is instantly available in the other country, without the delay of waiting for banks to transfer funds. The exchanges are fast, easy to use, secure, and only cleared funds are used.
For SMEs, KlickEx adds protection from volatile exchange rates. "Our system is much faster,” says KlickEx Director Robert Bell. "It talks literally bank account to bank account at each end, and we don’t run any of that foreign exchange risk. You always get the market rate, and this helps your cash flow but also dissipates your risk. SMEs benefit from this because they can’t insulate themselves from those fees the way the bigger companies do because of the size of their transactions.”
KlickEx offers a cheaper and quicker alternative for people based in Australia, Samoa or Tonga to buy New Zealand currency (or vice versa), and for small businesses to trade in those countries. Credit cards, telegraphic transfers, and online payment services like PayPal all attract significant fees. Merchants can load KlickEx onto their website, and it will accept payments for goods and services.
KlickEx earns money from exploiting the ‘micro spread’ – the small fluctuations in currency trading. A few cents here, a few cents there: it all adds up.
For now, KlickEx works only in the New Zealand, Australian, Samoan and Tongan currencies, having impressed the banks in those countries that its web-based service is reliable and secure. The pound, the euro and the greenback are its next targets, although it has significant regulatory issues to work through in order to achieve those goals.
"Our little home domain here is a fantastic lab for currency exchange,” says KlickEx CEO Ross Peat. "We are 80% of the way down the track in terms of reaching out to any currency at this stage.”

DigiCert conquers Google's distrust of Symantec certs
“This could have been an extremely disruptive event to online commerce," comments DigiCert CEO John Merrill. 
Protecting organisations against internal fraud
Most companies tend to take a basic approach that focuses on numbers and compliance, without much room for grey areas or negotiation.
Telesmart to deliver Cloud Calling for Microsoft Teams
The integration will allow Telesmart’s Cloud Calling for Microsoft Teams to natively enable external voice connectivity from within Teams collaborative workflow environment.
Jade Software & Ambit take chatbots to next level of AI
“Conversation Agents present a huge opportunity to increase customer and employee engagement in a cost-effective manner."
52mil users affected by Google+’s second data breach
Google+ APIs will be shut down within the next 90 days, and the consumer platform will be disabled in April 2019 instead of August 2019 as originally planned.
GirlBoss wins 2018 YES Emerging Alumni of the Year Award
The people have spoken – GirlBoss CEO and founder Alexia Hilbertidou has been crowned this year’s Young Enterprise Scheme (YES) Emerging Alumni of the Year.
SingleSource scores R&D grant to explore digital identity over blockchain
Callaghan Innovation has awarded a $318,000 R&D grant to Auckland-based firm SingleSource, a company that applies risk scoring to digital identity.
IDC: Standalone VR headset shipments grow 428.6% in 3Q18
The VR headset market returned to growth in 3Q18 after four consecutive quarters of decline and now makes up 97% of the combined market.