AI-driven exchange rate scans market and sets market-beating exchange rate.
KoronaPay, the cross-border money transfer service with $1bn in monthly remittances, has launched an AI-driven exchange rate to ensure it offers the most competitively-priced money transfer service. The AI tool constantly scans the market and sets an exchange rate which consistently beats competitors.
KoronaPay is one of the fastest growing money transfers services in Europe. Its low fees and convenient service are winning over the migrant population. Having launched in 2020, KoronaPay’s money transfer app is acquiring over 10k new users per week thanks to zero-commission money transfers as well as a market-beating exchange rate margin. The easy-to-use app also offers instant ‘card-to-card’ and ‘card-to-cash’ money transfers with a network includes 550 of banks and 54,500 high street agents for cash pickup.
KoronaPay’s newly launched AI-driven exchange rate automatically monitors the money transfer market and ensures the company’s exchange rate is preferable to that of competitors such as Paysend, TransferGo and Wise – which charge commission or exchange rate margins of up to 2% depending on the destination country of the transfer.
“We’re on a mission to build the fastest, most convenient and most competitively priced money transfer services in Europe. As such we are delighted to launch our AI-driven exchange rate, ensuring we consistently offer our customers the lowest cost money transfers for all the markets in which we operate,” said Gleb Kozlov, CEO at KoronaPay Europe.
Thanks to KoronaPay’s proprietary infrastructure – it has built its own payment network rather than relying on a third party – it is able to offer the lowest fees as well as the fastest, most reliable and most convenient service.
“It is clearly wrong that those most in need are underserved and overcharged by the traditional financial system. Even the digital disruptors can charge excessive fees that are often hidden in the exchange rate. By offering zero-commission transfers and a market-beating exchange rate margin we can ensure KoronaPay charges the lowest fee for those that want to send their hard-earned money to friends and family back home,” continues Gleb Kozlov.
Following a strong performance in 2021 with 13m users and $1bn remittances per month in 79 countries in Europe, CIS, Middle East, and Asia under the belt, KoronaPay is targeting €300m of remittances per month just in Europe by the end of 2022.