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Fintech

Fintech money transfer startups brace for referendum

CurrencyCloud, Kantox, Azimo, TransferWise and others have implemented special measures, with the EU referendum expected to create high volatility and low liquidity

UK money transfer startups have implemented special measures to deal with the high volatility and low liquidity in foreign exchange markets expected to result from the June 23 EU referendum.

Adjusted collateral requirements, changes to how frequently prices are displayed online, extended working hours, or outright suspensions of transfers into and out of British pounds are among the measures implemented by firms including Currencycloud, TransferGo, Kantox, Xendpay, Azimo and TransferWise to cope with the referendum volatility.

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