Neobanking platform Yapeal has started offering cross-border money transfers to its clients through Fintech Wise (formerly Transferwise and now pursuing listing on the LSE).
Through the partnership, Yapeal will work with Wise to make cross-border transactions fast, simple, and cheap for their app’s users.
Wise, which allows people to send money to more than 80 different countries, is now available to clients using the Yapeal digital banking app. The costs for carrying out transactions are quite affordable and transparent. There’s only a 0.35% convenience fee and a transaction fee of 0.4 to 1.3% for using Wise. Rates vary based on the destination.
There are no exchange rate surcharges and the exchange rate being used is clearly visible.
As covered last year, Yapeal, an aspiring (at that time) digital bank based in Zurich, received the very first Fintech license in Switzerland (in March 2020).
In 2019, the Swiss Parliament introduced the Fintech license enforced by the Financial Market Supervisory Authority (FINMA). The requirements for Fintech companies are based on the established auditing of banks and securities dealers, but the audit is less extensive and the reporting process simpler, while focusing on the risks specific to Fintech business models.
Yapeal provides a completely digital banking service including as full Swiss current account, debit/credit cards, Forex, payments/transfers, and more.
Andy Waar, Chief Marketing Officer at Yapeal, commented on receipt of the Fintech License (last year):
“That was extraordinary, strong teamwork, special thanks to Enrico, who managed this demanding task very professionally and did not let anything go with tight reins. It is an incredibly satisfying feeling to see how the initially seemingly loose puzzle pieces now fit together almost smoothly and now everything materializes – this shows again how strongly our team has grown together and is restlessly working towards the same goal.” [translated]
As reported last month, Swiss banking software firm Temenos revealed that cross-border payments Fintech Wise (previously doing business as TransferWise) has now gone live on Temenos Marketplace.
The Temenos Marketplace reportedly includes more than 50 curated Fintech services, helping Temenos’ customers to innovate and differentiate their product lines.
The addition of Fintech Wise, which is its infrastructural solution for banking institutions, should allow Temenos clients to seamlessly switch on Wise’s cross-border payments within their digital banking platform.
Temenos clients will be able to seamlessly access Wise’s tech stack via the Temenos Infinity digital banking solution and the Temenos Transact core banking product.
The Wise solution has reportedly been pre-integrated for fast implementation and time-to-value.
By integrating Wise with their digital platform, financial institutions may provide an accessible, fast and transparent global money transfer experience in order to attract and retain retail and business clients.