ALT21 claims that its disruptive foreign exchange launch has the potential to save businesses billions on their foreign currency operations. The ALT21 all-in-one technology platform automates all key steps of the end-to-end currency exchange and FX hedging process. It says its proprietary technology, featuring low human-touch and straight-through processing, significantly reduces operating costs. This enables ALT21 to offer FX conversions at just 4 basis points. This compares to over approximately 200 basis points typically charged by traditional banks.

Exchanging £100,000 into euros on ALT21 costs a user £40. That represents a 98% saving on the approximately £2,000 it would cost using a traditional bank. ALT21 says that other alternative providers like Wise, operate the same currency pair at a cost of 35 basis points. As a result, ALT21 claims that it is setting a new standard in financial efficiency. It says it offers competitive conversion rates sustainably thanks to a fair yet competitive margin structure that supports long-term affordability.

Additionally, its platform addresses the need for consistent ultra-low pricing on hedging products. This provides full transparency with real-time display of ALT21 mark-ups on all transaction costs, pre- and post-trade.

ALT21 platform supports 34 currencies, no sub fees or hidden costs

Pritesh Ruparel, CEO of ALT21 said: “Businesses often face high costs and significant risks with traditional foreign exchange providers. This 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. It is providing a real alternative to incumbent providers through transparent and cost-effective services.

“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. This enables us to deliver scalable and high-quality services. We look forward to entering new markets and revolutionising the financial industry, helping clients make immediate and substantial savings.”

ALT21 says its multi-currency and FX hedging solutions are tailored for businesses of all sizes. Its platform supports 34 currencies, allowing fully automated trading with no subscription fees or hidden costs.