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British money transfer startup Atlantic Money has accused fintech firm Wise (formerly TransferWise) of undermining fair competition by excluding it from its price comparison site. In a letter to the UK Competition and Markets Authority (CMA), the startup accused Wise of “creating a substantial barrier to entry for cheaper and innovative providers to establish themselves”. bottom.
Atlantic Money, founded in 2021 and listed on Wise in October 2022, claimed that Wise stopped quoting transfer fees in its section last week. [Wise’s] Websites listing rates and foreign rates currency exchange
exchange
Exchanges are known as markets that support the trading of derivatives, commodities, securities, and other financial instruments. Generally, exchanges can be accessed through a digital platform or at a specific address where investors organize and trade. An exchange’s primary responsibilities include maintaining honest and fair trading practices. These help ensure that the distribution of securities rates supported by that exchange is valid iv
Exchanges are known as markets that support the trading of derivatives, commodities, securities, and other financial instruments. Generally, exchanges can be accessed through a digital platform or at a specific address where investors organize and trade. An exchange’s primary responsibilities include maintaining honest and fair trading practices. These help ensure that the distribution of securities rates supported by that exchange is valid iv
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Rates charged by alternate currency transfer providers. The startup also claimed that the more established fintech firm had refused entry to his Exiap, an exchange rate comparison site run by Wise. Wise also operates similar sites, Geldtransfer and Currencyshop.
Atlantic Money, which will launch services in the UK and EU in 2022, further wrote in its letter, noting that Wise’s actions were “harmful to competition between the UK and the EU” and that the development would increase the remittance fees charged by remittance providers. could surge, he added. .
Watch our recent FMLS22 session on Fintech innovation.
However, a Wise spokesperson told Guardian UK that the company has temporarily delisted Atlantic Money “for various operational reasons”, including inquiries from its customers. We take compliance with all applicable laws very seriously, said a spokesperson.
According to the Atlantic Money website, there is a flat fee of 3 for transfers. Reportedly, this fee could be cheaper for customers if they want to transfer a certain amount of money. However, Wise said in a statement that he is not afraid to list cheaper alternatives.
Founded in January 2011, Wise is one of the UK’s top fintech companies. The company has achieved a valuation of almost 9 billion after listing on the London Stock Exchange in 2021. The London-based company continues to maintain growth, with total revenues up 80% year-on-year in the third quarter. 2023 (October-December 2022).
Meanwhile, the UK’s Financial Conduct Authority on Wednesday issued a statement challenging three money transfer companies for alleged unfair competition practices in 2017. Regulators are also investigating these companies to determine whether they have violated the country’s 1998 competition law.
British money transfer startup Atlantic Money has accused fintech firm Wise (formerly TransferWise) of undermining fair competition by excluding it from its price comparison site. In a letter to the UK Competition and Markets Authority (CMA), the startup accused Wise of “creating a substantial barrier to entry for cheaper and innovative providers to establish themselves”. bottom.
Atlantic Money, founded in 2021 and listed on Wise in October 2022, claimed that Wise stopped quoting transfer fees in its section last week. [Wise’s] Websites listing rates and foreign rates currency exchange
exchange
Exchanges are known as markets that support the trading of derivatives, commodities, securities, and other financial instruments. Generally, exchanges can be accessed through a digital platform or at a specific address where investors organize and trade. An exchange’s primary responsibilities include maintaining honest and fair trading practices. These help ensure that the distribution of securities rates supported by that exchange is valid iv
Exchanges are known as markets that support the trading of derivatives, commodities, securities, and other financial instruments. Generally, exchanges can be accessed through a digital platform or at a specific address where investors organize and trade. An exchange’s primary responsibilities include maintaining honest and fair trading practices. These help ensure that the distribution of securities rates supported by that exchange is valid iv
read this term
Rates charged by alternate currency transfer providers. The startup also claimed that the more established fintech firm had refused entry to his Exiap, an exchange rate comparison site run by Wise. Wise also operates similar sites, Geldtransfer and Currencyshop.
Atlantic Money, which will launch services in the UK and EU in 2022, further wrote in its letter, noting that Wise’s actions were “harmful to competition between the UK and the EU” and that the development would increase the remittance fees charged by remittance providers. could surge, he added. .
Watch our recent FMLS22 session on Fintech innovation.
However, a Wise spokesperson told Guardian UK that the company has temporarily delisted Atlantic Money “for various operational reasons”, including inquiries from its customers. We take compliance with all applicable laws very seriously, said a spokesperson.
According to the Atlantic Money website, there is a flat fee of 3 for transfers. Reportedly, this fee could be cheaper for customers if they want to transfer a certain amount of money. However, Wise said in a statement that he is not afraid to list cheaper alternatives.
Founded in January 2011, Wise is one of the UK’s top fintech companies. The company has achieved a valuation of almost 9 billion after listing on the London Stock Exchange in 2021. The London-based company continues to maintain growth, with total revenues up 80% year-on-year in the third quarter. 2023 (October-December 2022).
Meanwhile, the UK’s Financial Conduct Authority on Wednesday issued a statement challenging three money transfer companies for alleged unfair competition practices in 2017. Regulators are also investigating these companies to determine whether they have violated the country’s 1998 competition law.
