Since Portals are now available from within their primary bank account, customers may access the Atlantic Money network at a lower cost than with Swift, thanks to the platform's set price of £3 per transfer.

Users get a distinct set of Portal accounts for every recipient following a one-time setup. The GBP (sort code + account number) and EUR (Iban) portals are both included in the USD recipient's portals. After that, users may start local bank transfers to these Portals straight from their own bank.

A UK consumer sending money to a USD receiver, for instance, only has to move GBP to the appropriate GBP Portal from their banking app. The Portal sends USD to the US account after automatically converting GBP to USD. Through this procedure, a direct connection is made between the user's US account and their UK bank, all while Atlantic Money's infrastructure works in the background.

Through Portals, customers may transfer up to £1 million at the current exchange rate and for a set charge of £3 to major currencies including EUR, USD, and INR. Whereas expedited transfers are paid out immediately, standard delivery transactions are paid out in two business days.

"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," says Atlantic Money's CEO and co-founder Neeraj Baid. Through portals, any individual or company may take advantage of Atlantic Money's fixed charge transfers inside their own banking environment and without the need for special interfaces.

Portals are designed for regular payments, according to Baid. 94% of customers who retransfer frequently do so to the same destination bank account, according to an examination of 40k transactions processed by Atlantic Money.

Consumers may continue to benefit from Atlantic Money's affordable fixed charge while setting up regular transactions in their primary bank account. According to the company, the solution will be especially helpful for those supporting family members who live overseas, businesses paying suppliers from other countries, and expatriates who send money home.

"We have eliminated percentage fees from overseas transfers and are now removing ourselves from people's path," states Baid. "In an increasingly interconnected world, Portals challenges the industry to rethink how we approach building simple, elegant, behind-the-scenes financial services."