KlickEx

Last updated
KlickEx
Type Private
Industry Trade and development
Founded2008 (2008)
HeadquartersNew Zealand
Area served
 Pacific Islands, Europe
Key people
Robert Bell (Founder)
Products Private electronic market
Settlement (finance)
Payment system
Foreign Exchange
Parent NomuPay
Website klickex.org

KlickEx is a Polynesian Central Bank Money [1] payments system for domestic, high value, low value, securities, cheque, and electronic foreign exchange transactions using an interbank smart market retail system. It provides exchange clearing service platforms to central bank, commercial bank, nonbank, and non-financial clients in the Pacific Islands, also providing a guaranteed fund, net settlement, retail servicing to mobile money operations across the region, [2] avoiding the usual foreign transfer delays, fees and spreads by matching up individuals (and institutions) or central-bank-settling payments to and from the islands.

Contents

Payments can be made between the Pacific Islands and Australia, New Zealand, and Europe. [3] The system also allows users to transfer directly to mobile wallets, [4] and Bank accounts.

KlickEx is both a systems provider, and a licensed and prudentially supervised payment systems, for acceleraring traditional international bank transfers and payments for older remittance networks where the minimum transfer fees would often make it uneconomical to send low value payments that are typical for migrant workers and relatives of the island communities.

History

The company name is derived from the title: The Klick Exchange Trading Company. The company was resident of the ICE-house incubator innovation centre in Auckland.

The KlickEx system is based on trading technology that has been operational since 2002.

Through a regional partnership with the United Nations Development Program, and the Australian and New Zealand Governments in 2011; KlickEx continued to build services and by providing the platform for Mobile Carriers (MNO) to integrate mobile wallet platforms into the established banking system; thereby accelerating the penetration of financial services to the unbanked in the Pacific, particularly focusing on Rural communities, and financial inclusion for women in developing economies. [5]

In 2012, the company was a finalist for several New Zealand Hi-Tech Awards, in several categories including Ministry of Science and Innovation Start-up of the Year, Best New Software, Best New Service (2012). [6]

Services

The company has three core divisions: A retail operation, providing payment services in the South Pacific, an Institutional operation, connecting smaller banks to regional and world-wide clearing networks, and NGO/Development operations, providing regulators and government agencies with statistical and compliance solutions.[ buzzword ]

The company provides three core products to participants:

KlickEx operates a straight-through processing settlement system that enables individuals and partnership banks to gain access to cross-border foreign currency clearing facilities and rapid settlement between accounts, delivering cleared funds across currencies in seconds. The system micro-manages standing orders for foreign exchange as little as NZ$1.00. With retail clients in New Zealand, Australia, Tonga and Samoa having immediate access following a short approval and Anti-money laundering process.

Awards & Industry Recognition

Related Research Articles

EFTPOS Type of electronic payment system

Electronic funds transfer at point of sale is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale. EFTPOS technology was developed during the 1980s. In Australia and New Zealand, it is also the brand name of a specific system used for such payments; these systems are mainly country-specific and do not interconnect. In Singapore, it is known as NETS.

The New Zealand dollar is the official currency and legal tender of New Zealand, the Cook Islands, Niue, the Ross Dependency, Tokelau, and a British territory, the Pitcairn Islands. Within New Zealand, it is almost always abbreviated with the dollar sign ($), with "NZ$" sometimes used to distinguish it from other dollar-denominated currencies.

Exchange rate Rate at which one currency will be exchanged for another

In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of the euro.

Financial services Economic service provided by the finance industry

Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises.

Foreign exchange market Global decentralized trading of international currencies

The foreign exchange market is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the credit market.

Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash office.

The Australian financial system consists of the arrangements covering the borrowing and lending of funds and the transfer of ownership of financial claims in Australia, comprising:

Digital currency Currency stored on electronic systems

Digital currency is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files or even on a stored-value card.

Cheque Method of payment

A cheque, or check, is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the drawer, has a transaction banking account where the money is held. The drawer writes various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the drawee, to pay the amount of money stated to the payee.

A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, instruments, people, rules, procedures, standards, and technologies that make its exchange possible. A common type of payment system, called an operational network, links bank accounts and provides for monetary exchange using bank deposits. Some payment systems also include credit mechanisms, which are essentially a different aspect of payment.

A payment is the voluntary tender of money or its equivalent or of things of value by one party to another in exchange for goods, or services provided by them, or to fulfill a legal obligation. The party making the payment is commonly called the payer, while the payee is the party receiving the payment.

mBank

mBank SA, set up in 1986, and originally BRE – Bank Rozwoju Eksportu, is Poland's fourth largest universal banking group in terms of total assets and loans, and fifth by deposits at the end of September 2016. It offers retail, corporate and investment banking as well as other financial services such as leasing, factoring, insurance, financing of commercial real property, brokerage operations, wealth management, corporate finance and advisory in the scope of capital markets.

Euronet Worldwide Electronic payments company

Euronet Worldwide is an American provider of global electronic payment services with headquarters in Leawood, Kansas. It offers automated teller machines (ATM), point of sale (POS) services, credit/debit card services, currency exchange and other electronic financial services and payments software. Among others, it provides the prepaid subsidiaries Transact, PaySpot, e-pay, Movilcarga, TeleRecarga and ATX.

Payment and Settlement Systems in India are used for financial transactions. They are covered by the Payment and Settlement Systems Act of 2007, legislated in December 2007 and regulated by the Reserve Bank of India and the Board for Regulation and Supervision of Payment and Settlement Systems.

Travelex is a foreign exchange company founded by Lloyd Dorfman and headquartered in Peterborough. Its main businesses are foreign currency exchange, issuing prepaid credit cards for use by travellers, supplying central banks with foreign currency and global remittance. Travelex operates more than 1,100 stores and 900 ATMs in over 20 counties.

SIX operates the infrastructure for the Swiss financial centre. The company provides services relating to securities transactions, the processing of financial information, payment transactions and is building a digital infrastructure. The company name SIX is an abbreviation and stands for Swiss Infrastructure and Exchange. SIX is internationally active, with its headquarters in Zurich.

HiFX

HiFX is a UK-based foreign exchange broker and payments provider that has been owned by Euronet Worldwide since 2014. The company provides foreign exchange and international money transfer services to individuals and corporate customers. One of its specialist areas is in providing money transfer services for overseas property purchase and emigration. In January 2019, HiFX joined forces with XE.

CLS Group

CLS Bank International, whose name hints at "Continuous Linked Settlement" and is also referred to as CLS Bank or simply CLS, is a specialist financial institution, the main entity of the CLS Group that started operations in 2002. CLS Bank operates a unique global multicurrency cash settlement system, known as the CLS System, which plays a critical role in the foreign exchange market. Although the forex market is decentralised and has no central exchange or clearing facility, firms that chose to use CLS to settle their FX transactions can mitigate the settlement risk associated with their trades.

Stellar (payment network) Cryptocurrency

Stellar, or Stellar Lumens, is an open source, decentralized protocol for digital currency to fiat money low-cost transfers which allows cross-border transactions between any pair of currencies. The Stellar protocol is supported by a Delaware nonprofit corporation, the Stellar Development Foundation, though this organization does not enjoy 501(c)(3) tax-exempt status with the IRS.

Merchantrade Asia (Merchantrade) is a Money Services Business (MSB), Digital Payment Service and Mobile Virtual Network operator (MVNO) provider, based in Malaysia.

References

  1. ↑ "Reserve Bank conducted technical training on Tonga National Payment System - National Reserve Bank of Tonga". www.reservebank.to. Retrieved 2021-11-14.
  2. ↑ "Financial inclusion & Mobile Money in the Pacific". KlickEx. 2017-10-27. Retrieved 2021-11-14.
  3. ↑ "Home". klickex.org.
  4. ↑ Fletcher, Hamish (7 October 2011). "Tech firm scores Pacific money transfer deal". The New Zealand Herald . Retrieved 31 August 2013.
  5. ↑ "Archived copy". Archived from the original on 2012-05-02. Retrieved 2011-10-31.{{cite web}}: CS1 maint: archived copy as title (link)
  6. ↑ "2012 NZ Hi-Tech Awards Finalists". The New Zealand Hi-Tech Trust. Retrieved 1 April 2012.
  7. ↑ Fletcher, Hamish (27 October 2011). "Business Next Article: Big shake-up in Metlifecare expected Four enterprising firms share million dollar award". The New Zealand Herald . Retrieved 31 August 2013.
  8. ↑ "SWIFT news".
  9. ↑ "Compac big winner in hi-tech awards". 11 May 2012.
  10. ↑ http://newzealandinc.com/geeks-on-a-plane-klickex/
  11. ↑ "Futureintech: Careers in Technology, Engineering and Science". Archived from the original on 2014-06-25. Retrieved 2014-06-25.
  12. ↑ "2013 Innovators to Watch: 41 to 44". 13 June 2013.
  13. ↑ "2014 Innovators to Watch: 23 to 30". July 2014.
  14. ↑ http://www.innovators.org.nz/winners-a-finalists/finalists-2014
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.