In effort to meet the demands of retailers in the increasingly digitized landscape, TransferWise — an international money transfer network — just revealed a major update.
The platform — which more than 60 footwear firms use — has partnered with Natixis Payments and French bank Groupe BPCE. Under the agreement, Banques Populaires’ and Caisses d’Epargne’s 15 million-plus retail customers will be able to send money to over 60 countries at the “real” exchange rate, a spokesman for TransferWise said.
TransferWise recently exposed the negative impact of hidden bank fees.
“[Our company] has a mission to make money move around the world as fast and as cheaply as email, explained Kristo Käärmann, co-founder and CEO. “This partnership is a momentous step on that journey.”
According to the spokesman, this will be “the first time in Europe that a major bank will directly integrate TransferWise’s API into mobile banking apps.”
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Set to launch in early 2019 on the international money transfer platform’s app, the spokesman continued that the partnership will “offer a digital solution to send money outside the eurozone at TransferWise’s usual fee.”
Pierre-Antoine Vacheron, member of the senior management committee of Natixis, shared his perspective. “This integration is a concrete use case of instant payments,” he said, pointing to the importance of fintech.
“[This integration is] proof that we can scale our technology, which will allow other big institutions to seamlessly integrate with the service,” Käärmann said. The CEO explained that the banking industry is increasingly beginning to look to alternative strategies, forecasting more intersections between fintech solutions and traditional banking services to come.
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