UK-based fintech company Atlantic Money has announced the launch of Portals, a new solution that enables customers to make international transfers directly from their bank accounts. By introducing the new payment solution, Atlantic Money aims to allow users to access its network from their primary bank accounts, making the process more convenient and efficient.

Intending to make a solution similar to Swift but maintaining its fixed fee pricing of GBP 3 per transfer, the company’s service enables users to initiate local bank transfers from their home bank to these Portals. How does Atlantic Money’s Portals work? Following a one-time setup, Portals allows customers to receive a unique set of accounts for each recipient. For example, a UK user sending funds to a USD recipient transfers GBP from their banking app to the designated GBP Portal.

Afterwards, the Portal automatically exchanges GBP for USD and provides USD to the US account. Through this process, a direct link is created between the individual’s UK bank and the US account, with Atlantic Money’s infrastructure operating in the background. Alike Swift transfers, customers can make international payments without leaving their banking environment. According to Atlantic Money’s officials, the launch of Portals highlights the company’s commitment to simplifying international transfers for users.

Through this app-less approach, the company intends to extend the existing banking infrastructure instead of introducing a new service in addition to it. Also, Portals enable both individuals and businesses to benefit from Atlantic Money’s fixed fee transfers within their banking home and without any personalised integrations. Furthermore, the solution was developed for recurring payments, with users receiving the ability to set up transactions in their primary bank account. Atlantic Money’s Portals focuses on serving expatriates sending money to their home country, businesses paying international suppliers, and people supporting family members abroad.

Additionally, by leveraging Portals, users can transfer up to GBP 1 million to major currencies, including EUR, USD, and INR for a GBP 3 fixed fee and at the current exchange rate. .