XMoney+transfer+-+Alex

 ** Money transfer service platform **

** Business Model ** What we sell: A common platform service to provide a place and information related to person that need other currency money and or in another country. The money transfer will be done person to person (not thru any organization). A person can put a “request” in the website to that need X value of Y currency to be transferred to bank Z. Any other member can try to “fulfill” the request by dealing personally with the person that requested it. There will be a “rating” system attached to each member, so we know which member have the good reputation. How to make profit:  · Advertisement in the website  · Value Added service for subscriber (e.g. to get notification if there is a person requesting X value of Y currency). ** Market ** The market will be individual (but will not close the possibility for organization), that need to need another country currency. The target market will be person that is living and working in another country, and need to send money back home ** Competitor ** There will be no direct competitor, but the closest model will be online forums for people to search for service. Money transfer online thru organization can be considered also (e.g. western union, money gram).

V: I like this the most, because it is unique, and it addresses a need yet untapped. But think we need to think harder on how to earn money cuz really, our market are those that need to save every dollar. So in terms of advertisement, who can we draw in?

LW: I like to this too. Is a very interesting concept. Abit like ebay for $$. Maybe we can expand more on the security portion? Base on trust to transfer $$, there is still a risk. Rating can be easily fake by asking a lot of people to sign up and rate. If is a huge amount to be transferred, there is no assurance that the person will honor the agreement. And also there could be a concern on money laundering? Source of income - maybe we can take a small percentage of commission (but must be lower than bank/western union) from the person for each successful transaction?