Wise Joins Temenos MarketPlace to Bring Fast, Low-Cost International Money Transfers to Banks Worldwide
- Investment , Banking
- 19.05.2021 10:20 am
Temenos, the banking software company, today announced that Wise (formerly TransferWise), the global technology company on a mission to make money work without borders, is now live on Temenos MarketPlace.
The addition of Wise Platform, Wise’s infrastructural solution for banks, enables Temenos customers, which include more than 3,000 banks and financial institutions worldwide, to quickly and easily switch on Wise’ trusted cross-border payments within their digital banking platform.
Temenos customers will have seamless access to Wise’ technology through Temenos Infinity digital banking platform and Temenos Transact next-generation core banking product. The Wise solution is pre-integrated for rapid implementation and time-to-value.
Adding Wise to their digital platform, financial institutions can offer a convenient, fast and transparent international money transfer experience to attract and retain retail and business customers.
Cross-border payments with Wise are up to 8X cheaper than traditional providers. Transfers are sent using the mid-market exchange rate seen on Google or Reuters and cost the customer only a small, upfront fee. 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, commented: “We share Temenos’ ambition to modernize 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.”
Martin Bailey, Product Director, Temenos, said: “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 so that our clients can leverage Wise’s unique network and infrastructure to ultimately offer faster, fairer international banking experiences to their customers.”
Today, the Temenos MarketPlace comprises over 50 curated fintech solutions, enabling Temenos' clients to innovate and differentiate quickly.
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