- ALT21 launches multiple products following multi-year technology development, revolutionising how businesses manage the costs and risks of international trade
- ALT21’s innovative platform charges only 4 basis points on FX conversions, offering a 98% cost reduction compared to traditional banks and 92% cost reduction compared to Wise
- Irish SMEs could save over €430 million annually on FX transactions by switching to ALT21’s cost-efficient solution
- ALT21 supports 34 currencies with fully automated trading, providing transparency with real-time mark-up displays before each transaction
Dublin, Ireland – 04 June 2024 –
Irish small and medium-sized businesses (SMEs) under pressure from rising costs could save at least €430m per annum if they efficiently managed their foreign exchange (FX) transactions, according to ALT21, a leading hedging and cross-border payments technology company.
ALT21 is focused on delivering seismic savings in FX costs to businesses. Its platform now charges 4 basis points on a fully self-serviced FX conversion, which compares to over c.200 basis points from the pillar banks. Exchanging €70,000 into pound sterling on ALT21 costs a user €28[1], a 98% saving on the approximately €1,400 it would cost using a traditional bank[2]. Compared to previous-generation disruptors like Wise, which operates at a cost of 52 basis points[3], ALT21 provides significant savings to businesses, being thirteen times cheaper, and setting a new standard in financial efficiency.
Reviewing CSO import and export data, ALT21 estimates that Irish SMEs currently transact over €22bn each year on goods and services requiring foreign exchange. At traditional bank costs, this would involve c.€430mn in FX commissions, compared to c.€8.8m if transacted through the ALT21 platform.
This offering follows 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, allowing ALT21 to provide a highly efficient and scalable service. Its proprietary technology, featuring low human-touch and straight-through processing, significantly reduces operating costs, enabling ALT21 to offer FX conversions at just 4 basis points and fixed or flexible FX Forwards starting at 4 basis points per month of tenor duration.
Pritesh Ruparel, CEO of ALT21 said:
“New Taoiseach Simon Harris has said helping SMEs is a key goal under his leadership, so we’re trying to point to a quick win from which all companies can benefit. Small businesses don’t trade enough internationally, and it’s a big point of failure as they are the backbone to our economies. We believe this is due to the high costs and risks faced by SMEs when dealing with traditional foreign exchange providers.”
Ruparel added:
“With an option that is over 90% cheaper available, there is scope to save Irish SMEs over €430m every year. SMEs have an instant solution that could immediately save significant costs. We’re so confident in our value proposition as a business, that we show our clients our mark-ups before each transaction, in real-time on the platform.”
ALT21 is focused on developing and servicing sophisticated multi-currency and FX hedging solutions tailored for SMEs. Its platform supports 34 currencies, allowing fully automated trading with no subscription fees or hidden costs. ALT21 is able to offer competitive rates sustainably, thanks to a fair yet competitive margin structure that supports long-term affordability. Additionally, the platform addresses the need for consistent ultra-low pricing on all its products, providing full transparency with real-time display of ALT21 mark-ups on all transaction costs, pre- and post-trade.
[1] The ALT21 fee may vary depending on various factors and is therefore not fully guaranteed
[2] As per Bank of Ireland’s currency converter, comparing the difference in amount received when converting €70,000 into sterling pounds, vs. the amount received with ALT21. The difference comes from both higher fees and margin imposed on top of the mid-market exchange rate
[3] As per wise.com for exchanging €100,000 into GBP as of May 31st at 14:00 Irish Standard Time
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[1] The ALT21 fee may vary depending on various factors and is therefore not fully guaranteed
[2] As per wise.com for exchanging GBP100,000 into EUR as of May 30th
[3] As per Revolut.com as of May 31st
About ALT21
ALT21’s mission is to make foreign exchange and hedging solutions simple, accessible and affordable.
Its end-to-end platform allows SMEs to access cross-currency payments and FX hedging solutions that are simple to understand, low-cost and fully self-serviced online.
ALT 21 Limited, which is authorised and regulated by the Financial Conduct Authority (FRN: 783837) is a company registered in England and Wales (number 10723112). The registered address is 45 Eagle Street, London WC1R 4FS, United Kingdom. The parent company, ALT21 Software Limited, is incorporated in Ireland (No. 578153) with its registered office at Century House, Harold’s Cross Road, Dublin 6W, Dublin, Ireland.
To learn more, visit www.alt21.com.
Media relations ALT21
press@alt21.com
