ebankIT integrates Wise to improve banks’ money transfers

Rick Steves

According to Wise, its international money transfers service is up to eight times cheaper than traditional providers on average, with 40% of all transfers being delivered under 20 seconds.

ebankIT has partnered with global technology company Wise to give banks and financial institutions access to faster, cheaper international money transfers.

Wise is the new brand name of TransferWise, one of the largest fintech firms dealing with money transfer across borders which has gone public at the London Stock Exchange in what is viewed as the largest direct listing in UK history.

The Wise Platform is the first international money transfer service to be available on the ebankIT Platform marketplace, which is used by banks and financial institutions worldwide to build their digital banking services.

ebankIT, headquartered in Porto, Portugal, caters its Omnichannel Digital Banking Platform to banks and credit unions. The integration of Wise means that ebankIT’s clients can easily access the platform for its international money transfer service, without needing to integrate it separately themselves.

The Portuguese fintech firm serves financial institutions across 11 countries, affecting millions of customers looking for faster and cheaper international money transfers.

The Wise Platform is now live with 12 distribution partners, as well as 18 banks across 11 countries and seven enterprises.

According to Wise, its international money transfers service is up to eight times cheaper than traditional providers on average, with 40% of all transfers being delivered under 20 seconds.

Wise does not charge hidden fees via an exchange rate mark-up or any other method. Wise’s APIs replace the existing patchwork systems banks and other payment providers use to move money internationally.

Steve Naudé, Head of Product, Wise Platform, said: “For too long, international transfers have been slow, inconvenient, and blighted by traditional providers charging high, hidden fees. It’s time for change. We aim to set a new global standard for international transfers across the industry. We’re thrilled to be working with ebankIT, a company that shares our vision. Together, along with ebankIT’s network of banks and financial institutions, we can help drag international transfers into the twenty-first century.”

Renato Oliveira, CEO, ebankIT, commented: “We believe in a better future for banking with true omnichannel capabilities – and international transfers are an essential part of this. By bringing together Wise, ebankIT and our clients, we are changing international transfers for everyday people across the world. We’re delighted to offer Wise Platform to our client, so they can instantly tap into Wise’s world-leading infrastructure.”

In July, Wise went public in the UK via direct listing, meaning that the shares are available to the public only through the exchanges. Wise was valued at a total of £8bn at the time of listing.

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