Revolutionizing International Transfers: Atlantic Money's Groundbreaking "Portals" Service

In a world where fintechs often become bogged down with ancillary products and years-long integrations with third parties, UK-based fintech Atlantic Money has taken a bold step in the opposite direction. With the launch of its innovative "Portals" service, the company is redefining the way users can make international transfers, offering a seamless and streamlined experience that challenges the industry's traditional approach.

Unlocking Convenience and Efficiency in International Transactions

Bridging the Gap between Banks and Fintechs

Atlantic Money's "Portals" service represents a paradigm shift in the world of international money transfers. Unlike traditional fintech solutions that require users to download and navigate through a separate app, "Portals" allows individuals and businesses to make international transfers directly from their primary bank accounts. This approach seamlessly integrates Atlantic Money's infrastructure with users' existing banking environments, creating a seamless and intuitive experience.The key innovation of "Portals" lies in its simplicity. After a one-time setup process, users receive a unique set of portal accounts for each recipient, whether in GBP, EUR, or USD. These portal accounts serve as a direct link between the user's home bank and the recipient's account, with Atlantic Money's technology operating in the background. This eliminates the need for cumbersome setup procedures or additional confirmation steps, making international transfers as straightforward as a local bank transfer.

Streamlining Recurring Payments

The "Portals" service is particularly well-suited for users who need to make recurring international payments, such as expatriates sending money home, businesses paying international suppliers, or individuals supporting family members abroad. An analysis of 40,000 transfers handled by Atlantic Money reveals that 94% of users who make recurring transfers do so to the same recipient bank account.With "Portals," users can seamlessly set up recurring transactions within their primary bank account, while still benefiting from Atlantic Money's fixed-fee pricing. This feature not only simplifies the payment process but also ensures that users consistently enjoy the cost savings associated with Atlantic Money's transparent and competitive pricing model.

Extending the Existing Banking Infrastructure

Rather than introducing a new service on top of the existing banking infrastructure, Atlantic Money's "Portals" approach seamlessly integrates with users' familiar banking environments, much like the widely-used SWIFT system. This integration allows users to make international transfers without ever leaving their banking app or online platform, creating a streamlined and intuitive experience."Portals demonstrates our commitment to making international transfers as simple as possible," says Neeraj Baid, CEO and co-founder of Atlantic Money. "With our app-less approach, we are extending the existing banking infrastructure – just like SWIFT – instead of adding a new service on top of it. Portals allow every person and business to benefit from Atlantic Money's fixed-fee transfers within their banking home turf and without any custom integrations."

Expanding the Reach of Fixed-Fee Transfers

Atlantic Money has long been known for its innovative approach to international money transfers, having previously revolutionized the industry by removing percentage-based fees. With the introduction of "Portals," the company is now making its fixed-fee pricing model even more accessible and convenient for users.Through "Portals," users can transfer up to £1 million to major currencies such as EUR, USD, and INR for a fixed fee of £3 and at the current exchange rate. This pricing model provides a level of transparency and predictability that is often lacking in the traditional international transfer landscape, where hidden fees and fluctuating exchange rates can erode the value of a transaction."First we removed percentage fees from international transfers, now we take ourselves out of people's way," adds Baid. "Portals challenges the industry to rethink how we approach building simple, elegant, behind-the-scenes financial services in an increasingly interconnected world."

Maintaining Compliance and Control

While the "Portals" service aims to streamline the international transfer process, Atlantic Money has not sacrificed compliance or user control. Users can continue to use the company's dedicated app to monitor the status of their "Portals" transfers and, if necessary, submit any required compliance documents.This attention to compliance and user empowerment underscores Atlantic Money's commitment to providing a holistic solution that balances convenience, cost-effectiveness, and regulatory adherence. By seamlessly integrating these elements, the company is setting a new standard for how international money transfers should be executed in the modern, digitally-driven financial landscape.