UK Fintech Wise (LSE:WISE) has shared its newest partnership with Swan, a European firm focused on embedded finance.
Swan enables companies across Europe to easily “embed banking features such as accounts, cards, and payments into their own product.”
However, one thing was missing “from their offer; efficient and cost-effective international payments.”
To make life easier for Swan’s clients, they fully “integrated their Wise Platform API into their technology stack – allowing their clients to enable international payments seamlessly.”
There were two main benefits “to this approach: reducing implementation timelines and costs, and keeping the all-in-one user experience that makes Swan so successful.”
They’re pleased to announce that as of now, Swan’s 100+ clients can “enable their customers to send and receive funds in 20+ currencies at the mid-market rate 1 in just a matter of seconds. For reference, over 60% of all transfers sent globally via Wise now settle instantly (meaning payments settle in less than 20 seconds and 94% within 24 hours).”
Nicolas Benady, CEO at Swan said:
“People expect in-app payments to be available in whatever currency they need. Through Swan’s partnership with Wise Platform, any European company can now easily embed international payments into their product. Because Swan prioritizes local routes, companies can offer transfers with the lowest costs and fastest delivery. They can offer complete transparency too, by displaying fees in advance of each transfer. This significant upgrade opens up strategic growth opportunities, especially for financial management and niche banking software.”
They share the philosophy with Swan of building products and solutions “that make life easier for customers and enable them to focus on their core business.”
Last month, it was reported that Mox has partnered with Wise Platform in order to launch low-cost and transparent international payments.
Wise confirmed in a blog post that it is launching its new collaboration with Mox Bank Limited, a virtual bank in Hong Kong.
With this integration, Mox customers can now “access low-cost, transparent and lightning-fast global money transfers, directly from their Mox app.”
Powered by Wise Platform, Mox customers will be “able to make international payments using Mox’s Express Remit service to send HKD to 10 currencies, including AUD, CNY, EUR, GBP, IDR, INR, JPY, PHP, SGD and USD.”
Wise Platform is Wise’s infrastructure offering, which “lets banks, enterprises and fintechs access our world-leading global payments network, so they can bring low-cost and fast cross-border payments to their customers.”
