Wise was accused on Friday of harming competition in the money transfer market by delisting a rival, Atlantic Money, from its foreign exchange fee comparison tool.
Atlantic Money, a smaller foreign exchange service, made this allegation in a letter to the UK competition watchdog, the Competition and Markets Authority.
In the letter Atlantic Money shared with CNBC, the company says Wise unfairly removed it from the price comparison section of its website and refused to include it on Exiap — a foreign exchange fee comparison site that also belongs to Wise.
Related: UK Watchdog Warns Poultry Deal May Harm Competition
Wise owns two other currency transfer comparison sites, Geldtransfer and Currencyshop.
Atlantic Money said in the letter that it was initially listed by Wise on its website on Oct. 14, 2022. It was later delisted on Jan. 20, 2023, with Wise allegedly telling Atlantic Money it was “no longer deemed a legitimate competitor.”
In the letter, Atlantic Money said it believed Wise’s conduct was “harmful to competition across the UK and EU and, we would submit, ultimately results in higher fees for end consumers.”
Atlantic Money offers a flat £3 fee on all currency conversions up to £1 million. Its fees are lower than Wise for transfers of £1,000 or more.
Featured News
Cisco Closes $28 Billion Splunk Deal
Mar 19, 2024 by
CPI
Ropes & Gray Strengthens Antitrust Practice with New Partner
Mar 19, 2024 by
CPI
Biden Administration Supports Antitrust Suit Against FIFA
Mar 18, 2024 by
CPI
Apple in Talks to Incorporate Google’s Gemini AI Amid Antitrust Scrutiny
Mar 18, 2024 by
CPI
Appeals Court Revives Regeneron’s Antitrust Lawsuit Against Novartis Over Vision Treatment
Mar 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Pricing Algorithms
Feb 28, 2024 by
CPI
Pricing Algorithms and Antitrust Enforcement: Sandboxes to the Rescue?
Feb 28, 2024 by
CPI
AI, Algorithmic Pricing, and Collusion
Feb 28, 2024 by
CPI
Competition & Collusion in a World of Algorithmic Pricing: Antitrust Risks & Enforcement Trends
Feb 28, 2024 by
CPI
Pricing Algorithms in Antitrust’s Sights?
Feb 28, 2024 by
CPI