Cinkciarz.pl Files Complaint Over Bank’s SWIFT Access Denial

Polish fintech company Cinkciarz.pl, part of Conotoxia Holding, has filed a complaint with consumer protection authority UOKiK. The complaint focuses on several banks’ refusal to grant access to SWIFT messaging. The company stated this reveals rising tensions between traditional banks and fintech firms in the region.

Cinkciarz.pl claimed that several Polish banks, including ING, Credit Agricole, BOŚ, and VeloBank, had denied its requests for SWIFT communication for domestic transfers. It added that banks agreeing to provide access were doing so very slowly.

Cinkciarz.pl Highlights Banking Delays And Regulatory Challenges

The company noted that transferring funds within Polish banking systems currently takes much longer than international SWIFT transactions. It explained that while foreign bank transfers post within minutes, local transfers can take hours.

This issue stems from a decision by the Polish financial regulator, KNF, in October. The KNF revoked the payment license of Conotoxia sp. z o.o., a subsidiary of Conotoxia Holding. The loss of the license disrupted its ability to run an online currency exchange.

The company stated it had submitted full documentation to UOKiK, requesting clearer rules on how quickly banks should respond to such requests. It argued that using SWIFT for bank transactions could improve efficiency, reduce delays, and lower costs.

While blaming the regulator and banks for its problems, Cinkciarz.pl faces customer complaints as well. A Polish Facebook group of over 6,000 members has shared reports of delays in withdrawing funds. Some said they had been waiting weeks.

Cinkciarz.pl Faces Legal Battles And Financial Recovery Efforts

Cinkciarz.pl said last week that it had refunded 60% of customer funds and planned to meet its obligations by the year’s end. The company stated that it understood customers’ concerns about their refunds and added that it was processing transfers daily.

The company has also started legal action against the KNF, arguing the license revocation could harm customers instead of protecting them. It criticized the KNF’s objections to its use of accounts owned by its agent for managing funds, a practice it claimed had been accepted since 2017.

The conflict between the fintech and the regulator has worsened. Conotoxia accused the KNF of breaking laws and blocking its business. It also revealed that the KNF opposed its application for a European banking license, which Conotoxia views as critical for its operations.

The company plans to sue 11 major banks in Poland, alleging obstruction of its activities and seeking damages of 6.75 billion zlotys ($1.65 billion).

In addition, Conotoxia announced it is in advanced talks with an investment fund to secure financial support. It said these efforts are vital as it navigates regulatory and operational challenges.