Wise, a Fintech best known for global transfers and payments, is being enlisted by Bluevine to provide international payments within 26 different countries.
Bluevine is a neobank, partnering with chartered banks, that works with SMEs to enable business checking, bill pay, and lines of credit.
Wise states that 75% of SMEs are unhappy with cross-border payments solutions because the costs are high and unpredictable. Inflated fees can be camouflaged in a rate of exchange that is ridiculously high. Bluevine customers can now access eight currencies across 26 countries, with more in the queue.
Charles Amadon, SVP & General Manager of Bluevine Banking, said they are pleased to be offering the best in class solution as their customers wanted a simple solution that delivered transparent pricing, ease of use, and speed.
SMEs are becoming more global as contractors and providers can be located anywhere in the world. Steve Naudé, Head of Wise Platform, says most tools today only cater to domestic needs, and Wise is delivering a new era of convenience and transparency minus hidden fees for these SMEs.
Wise notes that currently, around 50% of payments are delivered within 20 seconds. Wise reports that it is embedded in over 60 banks and businesses across the world.