ST PETER PORT, Guernsey and NEW YORK, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Global Telephony Provider Webtel.mobi (“WM”) – whose System and TUV Digital Currency render current Cryptocurrencies redundant, supersede CBDCs and provide two fully-operational alternatives to the SWIFT System – has announced two additional facilities in its System, which provide an instantly-accessible and zero-cost alternative to the Global FX Market.
These two WM Facilities – its Currency Swap and TUV Digital Currency Swap Facilities – provide WM Members with the ability to set their own currency exchange rates PP2P directly between each other, and carry out instant Currency Swaps between each other directly on the WM System’s Platform. The savings in these transactions render the rates available in the current Global FX Market so unattractive as to potentially become redundant.
As an example, in a standard Global FX Market conversion, if one converted USD 10 000 000.00 to Euro, one would receive +/- Euro 8 104 700.00 (Note: An indicative rate. The Euros received will alter slightly depending on who the exchange is done through, but it will be a similar result, within a few thousand Euros).
If one were then to do an immediate reconversion of the Euro 8 104 700.00 back to USD, one would expect to get more or less USD 10 000 000.00 back – less some conversion costs. However, what one will in reality get back with an immediate reconversion is only +/- USD 9 023 540.00. Nearly a million dollars would have simply disappeared. This exercise reveals the true costs of FX Conversions via the Global FX Market.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/106d959b-c1e6-408d-99f9-50fd4366c8c5
The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.
These costs are due to three primary factors. Firstly, the legacy systems used in the Global FX Market are outdated, and not able to function according to 21st Century standards. Secondly, the Global FX Market is highly fragmented, with thousands of entities of varying standards levying multiple charges. Thirdly, the Global FX Market requires an extremely high number of intermediaries to function – all of which load their additional fees and commission on to every transaction. Additional cost-raising factors can be found by Googling “Forex Scandal”.
In contrast, WM’s Currency Swap and TUV Currency Swap Facilities enable WM Members to see what the Global FX Market’s Currency Exchange Rates are, and then set their own PP2P rates accordingly. For example:
- Member A wants to exchange USD to get Euro 8.1 Million. He does a query with a Global FX Market Provider and sees that it will cost him USD 10 Million to get Euro 8.1 Million.
- Member A then does a query with a Global FX Provider to see how much in USD the amount of Euro 8.1 Million will buy, and sees that it will only buy +/- USD 9 Million.
- Member A then sets his WM Currency Swap Offer Swap to be just over USD 9 Million for Euro 8.1 Million; and therefore gets the same amount of Euros for almost USD 1 Million less than in the Global FX Market.
- If Member A sets his WM Currency Swap at, for example, USD 9.5 Million to make it attractive, it will still cost him/her almost USD 500 000.00 less compared to Global FX Market Rates. Moreover, Member B who is Swapping the Euro for USD will similarly get almost USD 500 000.00 more than in the Global FX Market.
- The same potential for savings to the same scale apply for any Swap amount in any WM Platform Currency.
| REQUIRED CHARACTERISTIC | GLOBAL FX MARKET | WM’s CURRENCY SWAPS | WM’s TUV CURRENCY SWAPS |
| Daily Value Volume | USD 6.6 Trillion Per Day (Net) / USD 8+Trillion Per Day (Gross) | ||
| Carry Out Conversions Worldwide | Yes | Yes | Yes |
| Compliant with Applicable Regulation | Yes | Yes | Yes |
| Account Holders Control the Conversions | No | Yes | Yes |
| Account Holders set own Exchange Rates | No | Yes | Yes |
| Settlements (RTGS) in 1/100th of a Second | No | Yes | Yes |
| Conversions done from any Mobile Phone | No | Yes | Yes |
| Conversions done from any Location | No | Yes | Yes |
| Conversions done at any time of any day | No | Yes | Yes |
| Conversions function 24/7/365 | No | Yes | Yes |
| Live Conversion Weekends & After Hours | No | Yes | Yes |
| Instant Confirmation to All Parties | No | Yes | Yes |
| Real-Time Records and History | No | Yes | Yes |
| Centrally-Controlled Worldwide | No | Yes | Yes |
| Worldwide Uniform Standards & Security | No | Yes | Yes |
| Functions PP2P with No Intermediaries | No | Yes | Yes |
| Can be used Online by Unbanked | No | Yes | Yes |
| Free to have an Account | No | Yes | Yes |
| Free of Service Fees | No | Yes | Yes |
| Free of Intermediary Fees | No | Yes | Yes |
| Free of FX Spread Rate Fees | No | Yes | Yes |
| Totally Free Conversions | No | Yes | Yes |
WM’s fully-operational Currency Swap and TUV Digital Currency Swap Facilities are available to all WM Members.
Resources:
Media Contact:
Nick Lambert: wm@thoburns.com
Video on the WM System and TUV Digital Currency:
https://youtu.be/XYBrCikUhn8
Research Reports on the WM System and TUV Digital Currency:
https://tinyurl.com/TUVresearch
Characteristics of WM’s TUV Digital Currency:
https://tinyurl.com/TUVdata
WM’s urls:
https://webtel.mobi/pc (Tablets / Laptops / Desktops)
https://webtel.mobi (Smart Phones)
https://webtel.mobi/wap (Pre-Smart Mobile Phones)
