The administrative management of a company sometimes passes through the need to convert currencies either to settle its suppliers or to cash the payments of its customers to the international. When you are in this situation, you usually get in touch with your bank, which applies a rate of exchange plus a margin, as well as bank charges. The margin and costs are not always highlighted and differ from one institution to another. Telexoo has chosen to eliminate these costs and offer the best rate in Switzerland.
Our fiduciary seeking to bring the most efficient solutions to its customers offers this service. On the other hand, Synergix is willing to integrate Telexoo into IODD so that users can benefit directly from the interface. At a time when consumers are looking for speed, security and savings, Telexoo is emerging as an innovative Fintech company in the field of payments. We interviewed Michael Desforges to better understand how their story was built.
Telexoo's aim is to offer the best exchange rate for the needs of companies and individuals. Most customers do not have access to good terms from their bank. Because it can be easy to negotiate with your banker if you have several million to change, but if you have 3000 CHF to convert, that will not be the case. What captivated me was to bring value to those who do not have access to it. If you go to meet a multinational, like Nestlé, they will not be interested. You can not improve their exchange rates because they have such a volume that they already have bank conditions. While if you're going to see a small business, a cross-border or a Swiss who will buy a car in Germany, the bank will never give them a discount. What motivates me particularly is to bring innovative and relevant solutions to a clientele sensitive to exchange rate problems.
I was working in a big bank, I had a good position, we were in a period of crisis, at the time of the subprime (2008-2009) and I read the book "the black swan" of Nicholas Taleb. In summary, it was a trader philosopher who tried to count the number of crises of the last 30 years and realized that it did not follow a statistical normal distribution, it should have had much less. And it expresses very justly that when you are caught in a difficult phase and you are in a big company, you do not control your future. He says that we must do better by ourselves, master our mistakes and put ourselves in a position where there can be a black swan, not a negative one, but a positive one. Because in a big organization you are more likely to never stand out and vice versa, if there is a black swan negative, everyone is fired, it is bankruptcy, and so on. While if you take a risk that you create your company, you look where there are opportunities. Well, maybe it'll work, you'll have a positive black swan and your future will be assured and safer. At that time, there were more than a hundred on the flor, I looked up and noticed that there was no one of a certain age. I believe that in these big structures, you are asked to work a lot, you are put under pressure, and once you do not have that juice, you are replaced by someone younger. I was 38 years old, I thought "I have a few more years left and it's going to be my turn. So, so do the entrepreneurial experience that has always been in me.
On the one hand, there is a situation in a company that makes you say that you do not miss much if you were to leave. And secondly, and above all, you need to have a project that motivates you. For me, it was the exchange rates. We had a clientele with a lot of expatriates who had to send money regularly to them. Each time they went through ebanking and were not satisfied with the proposed conversion rates. When it was for big sums, for a car or a house for example, they would call us to negotiate prices. We had this latitude to be able to make discounts, but the bank having problems of income, the managers decided to stop the "discounts". And on that day, I thought there was a market, because there is a need for customers and banks do not go in that direction.
People want advice on how to optimize payment and there are so many countries where it's complicated, there are many movements, it varies all the time and you have to be quick. And at the same time, these people do not want to pay. Telexoo advises, simplifies the exchange rate in all currencies and offers the best market rate, notably by saving on bank charges. Our solution allows in a few clicks and in a secure way to optimize each payment in currency. 4 - How did Swiss companies welcome your services? At first, they were a little afraid that they had to go through an intermediary that was not known to them, and that the latter was leaving with their money. We have concentrated our efforts on the web, because when there is an approach to optimizing the exchange rate and people discover that you are offering the best rates, they are already largely convinced. Little by little, our image was built, especially thanks to a program in which we switched to the RTS (TTC). And on January 15, 2015, when the floor rate exploded, people turned to Telexoo because there was no money left in the exchange offices. We suddenly had an enormous influx, thanks to the work that was done before on the internet.
It's quite interesting what happens in the world of payment. Banks have treated this with a lot of disdain for a long time, preferring wealth management. This went very well in a universe of undeclared where customers remained loyal not to take risks. But today, the problems are completely different, because suddenly consumers change banks without any guilt to go towards the cheapest. Wealth management clients who are in their 60s are very different from my clients who are rather young. There are many opportunities to make life easier. My battle horse is to save people time. I would therefore suggest content and services that might be logical for them in this sense.
For a long time, we have been working together with IODD in a complementary way and share the same vision of what we want to bring to our customers. On the other hand, it seems to me that there is a very interesting new wave in the fi nancial sector, which will communicate together and be stronger. I believe a lot in the interfacing of these companies in the next five years.
We have a much higher level of banking than elsewhere. Even though we have had a terrible arrogance, we must say that the past is over and moving towards the future. We are 8 years or 9 years behind some regulations, but I believe a lot in the future of Switzerland in Fintech.
Compared to other solutions, Telexoo saves up to 3% per year. On a change of 3000.- per month, this can represent a gain exceeding 1000 .-. A service that has all the assets to win. At the beginning of the year, the company has chosen to highlight its advantages with a modern and offbeat video communication campaign, of which we offer a brief overview:
To find out more about the Geneva startup, visit the telexoo.ch website.