Wise (formerly TransferWise), the global technology company building the best way to move and manage money around the world, launched seven partnerships in Q4 2021, as the business continues to grow Wise Platform, its API offer for banks and non-banks alike.
Wise Platform allows businesses to integrate Wise into their business, enabling them to access Wise’s quick, transparent and cost-effective international payments system. Businesses are then able to offer this service to their customers, as well as use it for their own operations.
The range of new partners is testament to Wise Platform’s flexibility and ease of integration, as well as its relevance to businesses from across industries.
Zolve, an American digital bank, has integrated Wise Platform to give its customers access to Wise’s fast, affordable international payments.
In France, Libeo, a leading business-to-business payments platform in Europe, designed for SMEs and chartered accountants, has integrated Wise Platform to enable its customers to grow their overseas operations and pay suppliers across the world.
Meanwhile, Eddy, a music distribution company, has partnered with Wise to enable music labels to pay artists more quickly and to enable artists to keep more of their money.
All three of these partnerships are live, as are recently launched partnerships with:
ebankIT, a digital banking platform
The Orchard, a leading global music distribution platform
Billingo, a Hungarian online billing platform for small businesses
Andrews Federal Credit Union, a credit union for members of the US Armed Forces
The new partnerships mean Wise Platform is now live with more than 20 banks and financial institutions across 4 continents, as well as 12 distribution partners and 11 enterprise partners. Partners include Google Pay, Monzo and Shinhan Bank, South Korea’s oldest and second largest bank.
Steve Naudé, Head of Product, Wise Platform, said: “The growth of Wise Platform shows the future of our industry. Banks, accounting platforms and a whole range of other businesses now recognise that their customers are demanding payments services that are quick, affordable and convenient. By partnering with Wise Platform, these businesses are able to offer their customers a leading service without needing to go through the pain and burden of building it themselves.
“The potential is huge. Each new partner helps move us closer to a world in which money has no borders, a world in which international payments are fast, convenient, transparent and, eventually, free. We’re thankful to all of our partners and excited for 2022.”
Pierre Dutaret, CEO and co-founder, Libeo, said:“By partnering with Wise Platform, we are able to better support our small and medium business customers and their international expansion. Like Wise, we believe that money should move freely – that it should help, rather than hinder, businesses’ ambitions. This is why we have developed our unique “one-click payment” feature which allows suppliers across the world to get paid in a very simple way.
“We are excited for the future of this partnership, which has already proven popular with our customers and has been aided by the speed and ease of integrating Wise Platform.”
Wise unlocks growth for Stanford Federal Credit Union
Stanford Federal Credit Union, a $3.3 billion-asset institution based in Palo Alto, California, partnered with Wise more than 18 months ago to better serve their members sending money overseas. Since the launch, Wise has increased user engagement and sparked strong growth for Stanford. Transfers through Wise now outnumber Stanford’s traditional wire transfers by 15 to one.
Paul Jockisch, Senior Vice President and Chief Financial Officer, Stanford Credit Union, said: “Our customers tell us they love Wise because they can complete the whole process within our app and they know exactly what the fee will be before they commit to sending the funds. In particular, adding China’s yuan as an option in late 2020 really drove an increase in overall cross-border payment volume.”
