Thought Machine and Wise join forces to take international transfers global

By Aisling Finn on Thursday 29 April 2021

Digital Banking

By integrating with Thought Machine’s Vault, Wise reduces the effort required from developers to plug into its API by up to 60 per cent. 

Thought Machine and Wise join forces to take international transfers global
Image source: Paul Taylor/Thought Machine

 

Wise (formerly known as TransferWise) has today teamed up with fellow fintech Thought Machine to bring its international transfer services to businesses around the world.

The international payments firm has integrated with Thought Machine’s core banking product, Vault, allowing Wise to expand its low-cost international payments service more quickly and effectively. 

As of today, the two companies have combined their flagship products and built an integration later that reduces the effort required to plug into Wise’s API by up to 60 per cent. 

“We have built a world-class financial technology partner ecosystem which our clients can tap into as they build a future-proof bank,” Paul Taylor, CEO of Thought Machine, said.

“The firms we choose to partner with are those that have built meaningful, ultra-reliable products that ultimately improve the banking experience for customers. We look forward to working with Wise to bring its industry-leading payments solution to many more financial institutions, and customers, around the world.” 

The integration will enable financial institutions across the globe to accelerate their adoption of Wise’s payments service and customers will have access to a seamless cross-border payment experience at a lower cost than their competitors.

“Though the internet has transformed much of the economy, the global banking system has lagged behind and moving money internationally has remained slow, difficult and expensive for most,” Stuart Gregory, managing director of Wise Platform & Wise Business, added.

“Our mission is to change this 一 a goal we share with Thought Machine. Our integration today makes it quicker and easier for financial institutions and banks to enable faster and cheaper payments for their customers and brings us one step closer to our mission of building money without borders.”

Wise joins a growing list of fintechs signing up to use Thought Machine’s core banking system, with the fintech now powering the likes of Curve’s new credit product Curve Credit and digital banking provider Monese, alongside traditional banking names like Lloyds Banking Group and Standard Chartered too.

Earlier this year, Thought Machine also integrated with fellow remittances provider TransferGo to help it accelerate its global expansion plans.

Amid rumours of an imminent IPO on the London Stock Exchange, Wise also recently offered its customers the chance to own “a slice of the Wise pie”, by giving away a share to 2,000 lucky customers.

Wise’s float will make it one of the first of the fintech giants to go public, following in the footsteps of the likes of Funding Circle, Augmentum Fintech and PensionBee, which debuted on the LSE last week at a £365m valuation. 

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