Wise (formerly TransferWise) is to join Temenos MarketPlace with the aim of bringing low-cost international remittances to banks worldwide. Specifically, the pre-integrated solution enables Temenos customers to switch on Wise’ cross-border payments quickly and easily within their digital platform.
That means rapid implementation and faster time-to-value. Meantime, banks can offer a fast and fair money transfer experience to attract and retain retail and business customers.
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As a result, the Temenos and Wise partnership aims to make money borderless for banks and their customers worldwide. Temenos’ customer base includes more than 3,000 banks and financial institutions worldwide.
Wise says that its cross-border payments are up to 8X cheaper than traditional providers. Transfers are sent using the mid-market exchange rate seen on Google or Reuters. Moreover, the cost to the customer is only a small, upfront fee.
Wise payments: over 50% delivered within the hour
Wise enables payments to 80 countries around the world. Over 30% of all global transfers are delivered instantly (under 20 seconds), with over 50% delivered within the hour.
Stuart Gregory, MD, Wise Platform & Wise Business, says: “We share Temenos’ ambition to modernise the international financial system. Though an email today travels around the world in a matter of seconds, for virtually nothing, moving money internationally is still incredibly slow and expensive. We want to change this status quo and make moving money as fast, quick and affordable as sending an email. Joining the Temenos MarketPlace brings us one step closer to achieving this mission. We are thrilled to be joining Temenos in building better experiences for banks, financial institutions and their customers.”
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By GlobalDataMartin Bailey, Product Director, Temenos, adds: “Together with Wise, we are making banking better. Wise brings a truly borderless experience to international banking and payments. We’re thrilled to offer Wise Platform on Temenos MarketPlace. Our clients can leverage Wise’s unique network and infrastructure to ultimately offer faster, fairer international banking experiences to their customers.”
The Temenos MarketPlace comprises over 50 curated fintech solutions, enabling Temenos’ clients to innovate and differentiate quickly.
