ALT21, a leading foreign exchange and hedging technology company, has announced the launch of their disruptive offering for businesses at the Money20/20 Europe conference today. This new service aims to help businesses save billions on their foreign currency operations.
According to ALT21, this revolutionary offering is the result of years of investment in developing an all-in-one technology platform that automates all key steps of the end-to-end currency exchange and FX hedging processes. This allows ALT21 to provide a highly efficient and scalable service, featuring low human-touch and straight-through processing. As a result, the company is able to offer FX conversions at just 4 basis points.
In comparison to traditional banks, which typically charge over 200 basis points, ALT21’s low fee of 4 basis points could potentially save businesses billions annually if they efficiently manage their foreign exchange transactions. For example, exchanging £100,000 into euros on ALT21 would only cost a user £40, a 98% saving compared to the approximately £2,000 it would cost using a traditional bank.
ALT21 also stands out among other alternative providers in the market, such as Wise, by offering significantly cheaper rates. While Wise charges 35 basis points for the same currency pair, ALT21’s rate is nearly nine times cheaper. This sets a new standard for financial efficiency and affordability.
The company credits its sustainable competitive rates to their fair yet competitive margin structure and commitment to providing full transparency. ALT21’s platform displays real-time mark-ups on all transaction costs, both before and after the trade, ensuring businesses can trust the company to provide predictable and fair pricing for all their foreign exchange needs.
Pritesh Ruparel, CEO of ALT21, commented on the launch, saying, “Businesses often face high costs and significant risks with traditional foreign exchange providers, which is especially pressing for small and medium-sized businesses, the backbone of our economies. As a dual-regulated provider, ALT21 aims to offer the most competitive FX solutions for businesses, providing a real alternative to incumbent providers through transparent and cost-effective services.”
He added, “By showing our mark-ups on all products before each transaction in real-time, we set a new standard for transparency. Our advanced technology reflects our deep market knowledge, enabling us to deliver scalable and high-quality services. We look forward to entering new markets and revolutionizing the financial industry, helping clients make immediate and substantial savings.”
ALT21’s platform supports 34 currencies and offers fully automated trading with no subscription fees or hidden costs. Their focus on developing and servicing sophisticated multi-currency and FX hedging solutions tailored for businesses of all sizes makes them a promising new player in the market.
To demonstrate the significant cost savings offered by ALT21, the company provided a comparison table based on data from wise.com and revolut.com as of May 30th and 31st, respectively. This analysis shows that businesses could save up to 98% by using ALT21 instead of a traditional bank, with even greater savings compared to other alternative providers like Wise and Revolut.
Overall, ALT21’s disruptive offering for businesses is set to revolutionize the financial industry and provide much-needed cost savings for businesses of all sizes. With their advanced technology, commitment to transparency, and competitive rates, the company is poised to make a significant impact in the market.