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April 29, 2021

Wise partners with Thought Machine to enhance international payments

By Shalini mani

Payment firm Wise has joined forces with banking platform Thought Machine to help banks, fintechs and financial institutions enable international payments more easily.

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As part of this, Wise platform has been integrated into Vault, Thought Machine’s core banking engine, enabling Vault users to facilitate Wise’s transfers service more quickly and efficiently.

The companies have built an integration layer that minimises the developer effort required for financial institutions to plug into Wise’s API by up to 60%.

This will help users of Vault to ensure interoperability across their systems, while accelerating the rollout and delivery of Wise’s payments service to the customers.

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

“We look forward to working with Wise to bring its industry-leading payments solution to many more financial institutions, and customers, around the world.”

Wise Platform & Wise Business managing director Stuart Gregory added: “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.”

The partnership follow a period of rapid international expansion for Wise, which was previously known us TransferWise.

The company has partnerships with Monzo, N26, Bunq, LHV and BPCE in Europe, Stanford FCU and Novo in the US, as well as UP in Australia.

In November last year, the firm secured a restricted purchased payment facility license from the Australian Prudential Regulation Authority.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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