Banks and financial institutions are now able to access cheap, fast international transfers


By FintechNews staff

-Wise partners with ebankIT – giving banks worldwide access to fast, low-cost international  money transfers.
 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. 
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.” 


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