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Xendpay, the world’s first free online money transfer service, has been shortlisted for the coveted “Money Transfer Provider of the Year” award at the MoneyAge Awards 2017. Taking place at the Millennium Hotel London Mayfair on 12 October 2017, the MoneyAge Awards celebrate excellence and innovation in finance.
In an industry, renowned for hidden costs and marked-up rates, Xendpay’s socialising of the money markets is driven by a sole mission to reduce the cost of money transfers and bring more transparency.
Paresh Davdra and Rajesh Agrawal (now deputy mayor of London for business) launched Xendpay as a brand extension to RationalFX, a leading UK payments and foreign exchange provider, which they launched in 2005.
Xendpay operates a unique “Pay What You Want” model where customers decide the fees. The model, which aims to empower the users of financial services for the common good, has been endorsed by Wikipedia Founder Jimmy Wales and was recently accepted as a Clinton Global Initiative (CGI) Commitment to Action.
Xendpay’s pioneering model supports the worlds’ wider Sustainable Development Agenda including the vision to eradicate global poverty by 2030 by ensuring all payment transfers are not impacted by hidden fees and commissions.
At the end of 2016, Xendpay also announced Xendpay Business, which offers small and medium-sized businesses the “Pay What You Want” money transfer service.
Aware that start-ups have the hardest time in negotiating competitive fees with banks and this is where they require the most help, Paresh set up Xendpay Business to empower SMEs to continue financing themselves and developing their companies.
Speaking about the award win, Paresh Davdra, co-founder of Xendpay said: “We are delighted to have been shortlisted for the MoneyAge Awards 2017 alongside so many esteemed nominees.
“Xendpay has always strived to provide customers with the most affordable means of transferring money to friends and family abroad. The last year has seen the company make real progress in empowering migrant communities in the UK and abroad, as well as small businesses, through offering affordable payment solutions.”
Xendpay is available in over 50 countries and 39 currencies, and is part of the Rational Group of Companies, which has made transfers in excess of $10bn since its inception in 2005.