During the DEMOvation Challenge, attendees visited six startups in their virtual booth to view a demo of their new technology. Startups were judged for a Best in Show Award voted on by attendees. <i>The following is a transcript generated by AI technology that has been lightly edited but still contains errors.</i> [toggle title="TRANSCRIPT"] <div class="transcript-scroll-box"> Bianca Chan Hi, everyone. Thanks for tuning into this short session as part of our demonstration challenge, which gives you an opportunity to explore new technologies on the forefront of making innovation. A reminder of the ground rules, six startups will demo their technology and attendees can meet startup founders and ask follow up questions regarding their products. During this one hour window. attendees will have the chance to vote for their favorite demo. And we'll invite the two finalists back tomorrow for a judging round to determine which startup is Best in Show and the demonstration challenge winner. Now on to the demo with us we have john Dobson, co co founder of payrexx. JOHN, take it away. Jon Dobson All right, thanks so much, Bianca. All right. screenshare. All right. Can you see me Okay, perfect. Thanks so much for the opportunity to present today. So payrexx is an international payment platform full suite of international Treasury services, we partner with regional banks to deliver our services to their customers, primarily business customers. Through the payrexx platform, you can send payments around the world either as US dollars, or in over 100 foreign currencies, you can request payment in around the world allowing foreign customers to pay in their local currency. So if you're invoicing customers in US dollars, but you want to give them the opportunity to pay in local currency, they can do so either by you creating a request for payment, or simply sharing this link that's customized for each business on our platform. Through our platform, you can also easily track payments, both outbound transactions and inbound transactions. And you can hold currency and accounts, over 35 currency accounts, all really simple to set up and all managed directly from our platform. Through the platform, we try to maintain the simplicity and the ease of use of consumer facing platforms bring that intuitive design to the business to the business side as well, while maintaining a lot of the different tools that businesses specifically need. Things like dual approval structures, multiple users with different permissioning levels. All those things in a really intuitive, easy to use interface. Today, we'll do a simple, we'll do a simple outbound payment. To show you just how how easy our platform is intuitive platform is you come to the first screen, who do you want to pay, you can always create a new beneficiary. There's a really simple guide on how to do that steps you through the process item by item, or you can choose a pre established vendor, we'll take one of the pre established ones today. You select your vendor, the first thing you do is decide how you want to settle the transaction. Most companies are going to be settled through their bank partner or for our bank partner who is their primary bank. So they can choose their primary bank account, they can also choose to settle through one of their multi currency accounts that they hold with us or they could choose to settle by wiring us, their side of the transaction will select their primary bank account today. They can enter the amount either in US dollars or in the foreign currency will do a foreign currency transaction today. We always present we always present the conversion with a live exchange rate. This is a live rate as of as of the moment we enter it. we display the exchange rate both in conventional terms as well as in verted. And we also always display the cost. So that includes the exchange rate spread, you can always click that button you can see the interbank market rate, you can see the rate we're presenting to you. And you can see the dollar cost that's embedded in that exchange rate spread full transparency on every transaction. So that's it, you select how you want to fund the transaction, how much you need to send, and you click Next. At this point, you can add any information you want. You can add invoice numbers, you can add reference numbers, you can attach documents, you can send a message along to the beneficiary. Any of this information we take we put it in the swift reference line so it shows up in your bank account. Any information that exceeds the characters available in the in the swift message will be sent via email to your customer. I'm sorry to your beneficiary. That's it. You click next you get a summary of the transaction who you're sending the funds to how much they will receive where the the dollar side of the transaction is coming from, and the total cost to you. Again, you can always refer to those review the cost details there. Get a quick refresh of the rate We just the rate was live at the beginning it's it's refreshed to the most up to date exchange rate. Now you agree the terms you click pay. And that's it simple as that, at this point a secondary approver would get a notification that a transaction is waiting approval, they go in, they would approve it, you can always come into the transaction at any point and see exactly where the payment is in the process payments been initiated, the dollars have been received the euros were released. So you know this transaction is on its way. And you also can always come in and you can get a copy of the swift message. You can use that to track a payment if for some reason it doesn't arrive when you think you can share that swift message with with the beneficiary as well. And the beneficiary also receives a link to track and view this payment online as soon as the payment is sent. You always have a dashboard you can come in, you can view any of the any of your current transactions, both inbound and outbound. You can view your accounts, you have access to customize reporting. You have access to manage Administrative Tools, the users that are allowed for your company what permissions each user has, and then you can always come in and manage the different beneficiaries that have been created. That's it. payrexx is a really simple platform. We partner with regional banks to deliver a broad suite of international products to their customers. Again, allowing things sending payments, receiving payment, multi currency accounts, and even FX risk management. All with a really simple tool. No heavy integration required really easy, really easy to to launch and deploy to your customers. That's it, Bianca. Bianca Chan Thank you so much, john, thank you for the demo. For any attendees curious to learn more about payrexx and its technology, please visit the payrexx team and their virtual booth. And don't forget to vote for which startup you think is the Best in Show. Voting is open until 8pm. Eastern today and I will see you all tomorrow at 11am. Eastern for the judging round. Thank you. Thank you </div> [/toggle]
