New partnership powered by Wise Platform allows businesses to make international payments with no hidden fees to 26 countries
Wise, the global technology company building the best way to move money around the world, and Bluevine, the leading provider of small business banking solutions, announced a partnership that leverages the power of Wise Platform to make international payments more convenient, simple and transparent for Bluevine’s customers in its all-in-one digital banking account.
“The payment arrived in the UK account within hours – it was like sending money to someone living next door.”
Research found that 75% of SMBs are dissatisfied with cross-border payment solutions because fees are normally high and unpredictable. Traditional banks and other providers often hide fees in inflated exchange rates and offer confusing pricing structures, draining already tight profit margins for businesses. This also adds unnecessary complexity to the already busy lives of small business entrepreneurs.
Latest Fintech News: UXUY Raised $3 Million to Build the Next-Gen MPC-Based Decentralized Trading Platform
Through this partnership, Bluevine customers can now start with eight currencies across 26 countries with highly competitive exchange rates and a transparent, low fee rate. Additional currencies and countries will be added soon. Customers won’t face hidden markups in the exchange rate or convoluted transaction fees. These international payments can be made with only a few easy clicks from the Bluevine account dashboard, ending the need to call or visit a physical branch for support.
This simple new, easy-to-use payment option is built on a powerful platform that is fully integrated with Bluevine customers’ bill pay and checking accounts. “It’s so easy and fast to send money to the UK from the dashboard,” said Michael Thwaite, Bluevine customer and co-founder of FoodDays, a digital platform that makes running school lunches easier for PTAs. “The payment arrived in the UK account within hours – it was like sending money to someone living next door.”
“We’re thrilled to be partnering with Wise to provide our customers with a best-in-class solution for sending international payments,” said Charles Amadon, SVP & General Manager of Bluevine Banking. “In speaking to customers it became clear that managing international payments was still a headache for too many. What they wanted from Bluevine was a simple solution that delivered on what matters most – speed, transparent pricing, and ease-of-use from within Online Banking. This integration unlocks these benefits and more, saving small business owners’ time and allowing them to focus on growing their business.”
Across the U.S., small and medium size businesses are becoming more international. They are increasingly hiring in other countries or working with global freelancers and contractors due to cost, resources and the ability to maintain a competitive edge. The global market also provides an opportunity for businesses to seek additional avenues of sourcing business materials that are necessary for everyday work.
Latest Fintech News: Clear Street Announces $270 Million Investment, Increasing Series B to $435 Million
“There is a fundamental shift in how small businesses operate today, and while they are becoming more international, the tools in today’s market only cater to domestic needs,” said Steve Naudé, Head of Wise Platform. “We’re proud to partner with Bluevine, a like-minded company, to bring in a new era of convenience and transparency for small business financial tools. Now these businesses can spend less time dealing with poor user experiences and worrying about hidden fees, and instead focus on running and growing their business internationally.”
With transfers powered by Wise, whose cross-border payments network delivers over 50% of transfers within 20 seconds, Bluevine customers can trust reliability and speed in their payments made. Wise Platform is embedded in over 60 banks and businesses across the world. Wise Platform allows other companies to leverage the power of Wise and embed the best way to send, receive, and manage money internationally into their existing infrastructure.
Latest Fintech News: Starbox Successfully Uses Cutting-Edge AR Technology to Enhance Its Cash Rebates System
[To share your insights with us, please write to sghosh@martechseries.com]
