REEUDO FOREX SERVICES PRIVATE LIMITED

In their own words

Globally 5 Million students travel abroad for higher education every year and 15% of them are from India, making it the second largest market. These close to 750,000 students in 2018 sent abroad $5 Billion worth of remittances abroad for tuition fee and other expenses as per RBI. Students while paying their tuition fee face significant cost and time delays. Banks charge them transaction fee and the FX rates are often opaque. Almost 25% of the students have felt cheated with the FX rates. It takes close to 5 to 7 days for the fee to reach the colleges and Universities of their choice and another 7 to 10 days to reconcile the payment with the Universities against their names. The institutes on the other hand face challenges with missing beneficiary information when payment details are shared with them and thus making the entire reconciliation process high cost due to manual intensive workflows and delays in reconciling the payment process. As of today 10 to 12% of the payments still get into disputes. This entire workflow between students, colleges/Universities and banks in India is non digitized and hi touch which we are optimizing and reduce the cycle time and lower cost of student remittances Pre Boarding : Digital KYC & LRS declaration - We are building an App and a web platform and digitizing the entire student journey starting from transparent FX rates, digital workflows between students, institutions and banks, digitizing the KYC and regulatory LRS submission. These entire steps are conducted in person today. Pre Funded Model for Immediate transfers - We are creating a pre funded model where in the students will be able to send money to institutions of their choice within 24 hours, which as of today takes anywhere upward of 3 to 5 days. Student Onboarding - For easier onboarding of students we are building consultant module and tying up with education consultants in India who are currently have tie ups with the institutions abroad to help provide students the necessary guidance for the admission process. Reconciliation Process - Another challenge that we are addressing for the students with our platform is the entire reconciliation process between students, banks and institutions is being made seamless by removing hi touch physical interactions and creating a near real time visibility on the payment process. Last Mile Connectivity - As part of next phase we are also going to build last mile connectivity with Colleges and Universities abroad and integrate with student management ERP and their websites to build a closed loop integration. Post Landing : Bank Account opening – New Account opening with network banks to open student accounts in destination country. Payments/ Cash Withdrawal with local card. Wallet Services/Multiple currencies

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