Trusted Security and Controls Allow Start-up to Take Off

Written by: Mohsen Khalkhali
Published on: April 09, 2014

Trusted Security and Controls Allow Start-up to Take Off

Our vision at CloudX is to reinvent the distribution model for the mobile device industry. Under the current model, executing a simple, multi-unit transaction is time-consuming and fragmented because the sale goes through each stage individually. CloudX streamlines the entire process from the moment a trade is input into the platform, which optimizes operations and increases margins. And in the mobile device market, every single basis point of margin counts.

After logging into our platform, a member specifies the make and model of the desired mobile device, enters a price and a quantity, and then specifies quality, colors, and delivery date. The information is sent to CloudX’s central market, and there is an immediate on-screen notification of matches for buy or sell orders. The trader can elect to automatically execute a trade or physically confirm a transaction when presented with the option.

When the trade is agreed upon, everything that follows is done through our website. There is no other company that offers the opportunity to do online, end-to-end sales of a larger scale in this manner. Retail sites are doing it to some degree where customers pay with credit cards, but for a 1,000-unit purchase there’s really no good option.

Before we could launch our online marketplace platform, we needed to find a third-party supplier who could securely process our online payments and transactions. The company also needed to be technically nimble to effectively integrate with our brand-new infrastructure.

Currency Cloud is our exclusive financial partner in maintaining the security of our members’ funds. As a start-up, it’s crucial that our members know their money is safe 24/7. Currency Cloud is a regulated entity. Its security, compliance controls and partnerships with major banks, allow our members to use our platform with complete confidence.

For CloudX to work effectively, we also needed to provide competitive FX rates. Currency Cloud not only provides them, but also allows our members to see real-time executable rates on our trade confirmation windows, and with one click, confirm both the mobile device transaction and the currency transaction. Transactions can currently be conducted in six currencies with more that can be added.

Our proprietary platform is one of our unique selling points. We cater to market needs by offering a world-class technology capable of doing 500 transactions per second. With response times such as these, we needed a supplier that could perform on the same scale. Currency Cloud’s ability to automate payment processing and easily integrate with our systems was instrumental in preparing us for our successful launch in January 2014.

We are very excited about the technology and security Currency Cloud brings to the table, and look forward to a long partnership.

Mohsen Khalkhali is Founder and CEO of CloudX

CloudX is a new global distribution platform serving the entire global mobile device ecosystem. Transactions are anonymous and secure. Payment and delivery of the goods are fully bonded and guaranteed through an exclusive supply chain.