Kantox – a currency exchange marketplace for SMEs and mid-cap companies – has incorporated automated Swift messages into its platform.
The company, founded in London in 2011, says Swift is “a key tool in guaranteeing higher transparency for both sender and the beneficiary.” Kantox enables peer-to-peer currency exchange, enabling SMEs and mid-cap companies to get a better exchange rate compared to those offered by banks and brokers.
Kantox customers will now have free access to Swift messages – a service that banks usually charge for.
Co-founder and CEO of the company Philippe Gelis says this will enable greater transparency and traceability of funds. It also allows customers to have greater control of the transaction-related data and check that all information in the payment message is correct.
According to the company's website, Kantox has more than 1,500 customers. Its FX service works on the basis of matching up the needs of two different companies, for example one who needs to buy US dollars (to pay a supplier in China, for example) and another who needs to sell US dollars (such as a European exporter to the US). The company claims that savings of up to 80 per cent can be made compared to FX services offered by banks or brokers.
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