Banks are seriously worried about startups like TransferWise and are desperately trying to 'hedge'

Banks are facing a huge wave of competition from financial technology, or fintech, startups who are eating away at various parts of their business by using technology to do the job faster, cheaper and better. One of the highest profile areas of attack on the banks has been in the international money transfer market. London's TransferWise waged a huge PR campaign, bashing the banks for hidden fees and poor service, this year. In the process, it has earned a $1 billion (£640 million) valuation a...