ebankIT, a banking software company, has partnered with global technology company Wise (formerly TransferWise), to give banks and financial institutions access to faster, cheaper international money transfers.
Wise Platform is the first international money transfer service to be available on the ebankIT Platform marketplace, which is used by banks and financial institutions worldwide to build their digital banking services. This means ebankIT’s clients can quickly and conveniently use Wise Platform’s international money transfer service, without needing to integrate it separately themselves.
Across 11 countries, financial institutions use ebankIT solution, meaning that millions of their customers and members could benefit from faster, cheaper international money transfers. ebankIT Omnichannel Digital Banking Platform accelerates digital transformation and improves member/customer experience, enabling a 360º vision following a customer-centric perspective and providing a truly connected and safe experience.
Wise Platform is live with 12 distribution partners, as well as 18 banks across 11 countries and seven enterprises. International money transfers with Wise are, on average, up to eight times cheaper than traditional providers. Unlike most banks and brokers, Wise does not charge hidden fees via an exchange rate mark-up or any other method. What’s more, 40% of all Wise transfers are delivered instantly (under 20 seconds).
Steve Naudé, Head of Product, Wise Platform, said:
“For too long, international transfers have been slow, inconvenient, and blighted by traditional providers charging high, hidden fees. It’s time for change. We aim to set a new global standard for international transfers across the industry. We’re thrilled to be working with ebankIT, a company that shares our vision. Together, along with ebankIT’s network of banks and financial institutions, we can help drag international transfers into the twenty-first century.”
Renato Oliveira, CEO, ebankIT, said:
“We believe in a better future for banking with true omnichannel capabilities - and international transfers are an essential part of this. By bringing together Wise, ebankIT and our clients, we are changing international transfers for everyday people across the world. We’re delighted to offer Wise Platform to our client, so they can instantly tap into Wise’s world-leading infrastructure.”
Wise is a global technology company building the best way to move money around the world. Wise’s mission is to build money without borders – instant, convenient, transparent and eventually for free. The Wise Platform was built to bring international payments into the 21st century, and is now used by banks and businesses in over 10 markets. Wise’s APIs replace the existing patchwork systems banks and other payment providers use to move money internationally.
In doing so, Wise Platform allows banks, larger businesses and software companies to tap into the Wise network and infrastructure to offer customers the same instant, convenient, low cost and transparent Wise experience end-to-end from within their own products and apps. Every transaction is made with the real mid-market exchange rate for a low fee — regardless of region, amount, or currency.
ebankIT is an award-winning company with a proprietary leading Omnichannel Digital Banking Platform which enables banks and credit unions to achieve their full potential. Its flexible and robust out-of-the-box features allow a fast and seamless digital banking transformation.
By strengthening customer relationships and taking advantage of third-party innovations
through open banking possibilities, the success of ebankIT platform has already translated into increased digital revenues and costs minimization for dozens of financial institutions worldwide serving millions of customers or members.