ebankIT has partnered with global technology company Wise to provide banks and financial institutions with access to faster and cheaper international money transfers.

Wise is the new brand name of TransferWise, one of the largest fintech companies dealing with cross-border money transfers, which went public on the London Stock Exchange in what is considered the largest direct listing in the world. UK history.

The Wise Platform is the first international money transfer service to be available in the ebankIT platform marketplace, which is used by banks and financial institutions around the world to build their digital banking services.

ebankIT, headquartered in Porto, Portugal, offers its omnichannel digital banking platform to banks and credit unions. The integration of Wise means that ebankIT customers can easily access the platform for its international money transfer service, without needing to integrate it separately themselves.

The Portuguese fintech company serves financial institutions in 11 countries, affecting millions of customers looking for faster and cheaper international money transfers.

The Wise platform is now live with 12 distribution partners, as well as 18 banks in 11 countries and seven companies.

According to Wise, its international money transfer service is on average up to eight times cheaper than traditional providers, with 40% of all transfers completed in under 20 seconds.

Wise does not charge any hidden fees via an exchange rate markup or any other method. Wise’s APIs replace legacy patchwork systems that banks and other payment providers use to transfer money internationally.

Steve Naudé, Product Manager, Wise Platform, said: “For too long, international transfers have been slow, inconvenient, and messed up by traditional providers charging high hidden fees. It’s time to change. We aim to set a new global standard for international transfers in the industry. We are delighted to be working with ebankIT, a company that shares our vision. Together, with ebankIT’s network of banks and financial institutions, we can help bring international money transfers into the 21st century.

Renato Oliveira, CEO of ebankIT, commented: “We believe in a better future for the bank with true omnichannel capabilities – and international transfers are an essential part of it. By bringing Wise, ebankIT and our clients together, we are changing international money transfers for ordinary citizens around the world. We are delighted to offer the Wise Platform to our customers, so they can instantly access Wise’s state-of-the-art infrastructure. “

In July, Wise went public in the UK via direct listing, meaning shares are only publicly available through exchanges. Wise was valued at a total of £ 8 billion at the time of listing.