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At the Money20/20 Europe conference, ALT21, a foreign exchange and hedging technology company, announced the launch of its new offering for businesses, aiming to help them save on their foreign currency operations.
ALT21 has developed an all-in-one technology platform that automates key steps of the currency exchange and FX hedging processes. This allows the company to provide an efficient and scalable service, offering FX conversions at 4 basis points.
Businesses can potentially save on FX transactions by using ALT21's services compared to traditional banks, which often charge higher rates. For example, exchanging £100,000 into euros on ALT21 costs a user £40, while using a traditional bank could cost approximately £2,000.
ALT21 also offers competitive rates compared to alternative providers like Wise, which operates the same currency pair at a cost of 35 basis points. The platform provides transparency by displaying ALT21 mark-ups on all transaction costs in real-time, pre- and post-trade. Additionally, ALT21 offers fixed and flexible FX Forwards starting at 4 basis points per month, while competitors like Revolut Business charge a fixed flat fee of 80 basis points.
Pritesh Ruparel, CEO of ALT21 said: "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."
Ruparel 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 allows fully automated trading with no subscription fees or hidden costs. The company focuses on developing and servicing multi-currency and FX hedging solutions for businesses of various sizes.
The below comparison table highlights the potential savings businesses can achieve by using ALT21's services:
