A new platform is promising to end Forex ‘smoke and mirrors,’ saying it will disrupt the Forex disruptors.
Called SettlePay, it’s the brainchild of Fintech company Whites Group and sets out to ‘expose’ all charges levied by UK forex providers.
It provides an illustration as to how it works:
- Users enter details of any past foreign exchange transaction into dashboard
- Platform utilizes precise, historic, interbank rate data (detailing the cost of foreign currency to the provider at the exact time of each transaction)
- Users instantly receive details of total incurred charges on the transaction
- SettlePay offers simple 0.3% fixed rate on all transactions over £10,000 – for all transactions below £10,000, a £10 fee is added to the 0.3% fixed rate.
SettlePay is a wholly-owned subsidiary of the Whites Group and is based in Nottingham, London and Singapore. It was founded in 2015 and it says it carries out 100% free auditing of any historic foreign exchange transaction to uncover exact charges levied.
A statement from the company said: “In an industry blighted by substantial hidden fees and ‘smoke and mirrors’ tactics – including the worst-offending high street banks – SettlePay delivers a new level of transparency for UK businesses dealing overseas by not only making its own fees 100% transparent, but also those of every other foreign exchange provider in the market.”
SettlePay Managing Director George Thomas said: “There’s a lot of noise made around the complexity of foreign exchange. This is made worse for UK businesses by major banks and even many new ‘disruptors’ in the forex space being non-transparent and, in some cases, blatantly misleading, with their charges. The truth is, every provider in the industry can buy foreign currency at the same rate at the same time.
“The difference comes in how much they then sell it on to their customers for. We’re very proud of the disruptive nature of SettlePay and fully expect it to lead to a significant amount of awkward conversations between SMEs and their current Forex providers once the lid is lifted on charges they’ve incurred.”