London, United Kingdom, 4 December, 2023 - Wise Platform, Wise’s global payment infrastructure for banks and major enterprises, today announces a new partnership with Allica Bank to provide UK businesses with a transparent and low-cost way to send money internationally.
Allica Bank – a challenger bank specifically focused on serving established businesses with 10-250 employees – entered into the partnership to enable their customers to make global payments directly and seamlessly to 160 countries supported by Wise*.
This is a significant step for Allica’s business customers with ambitions to expand and operate internationally, allowing them to use their current accounts to send international payments with transparent fees and no exchange rate markups.
The Wise Platform integration means that Allica customers can complete the whole process of making an international payment quickly and conveniently within their own banking app. Customers will know upfront the total fees for making an international payment and be able to guarantee the exact amount is received by their recipient.
Nida Sattar, Head of Product – Payments, Allica Bank said, “Partnering with Wise Platform provides our business current account customers with an even broader range of tools to help their business thrive. Our mission is to give established businesses the banking they deserve, and this integration with Wise Platform means our customers can spend more time focusing on their business, rather than the complexity and hidden costs associated with international payments.”
Steve Naudé, Head of Wise Platform added, "Our partnership with Allica Bank is a significant step forward bringing streamlined cross-border payments to more businesses across the UK. Nowadays, pace and reliability are essential for both individuals and businesses and our partnership will ensure customers have access to quick, low-cost, and secure international transactions.”
Wise Platform currently has over 70 partners, including banks and enterprises, enabling them to integrate the power of Wise into their existing infrastructure, ensuring they can embed the best way to send, receive and manage money internationally.
Allica is the UK’s only full-service bank dedicated to serving established businesses – those SMEs at the heart of the economy with between 10 and 250 employees, who are overlooked and underserved.
Recently named the fastest-growing fintech business in the UK ever in the Deloitte UK Technology Fast 50 and last year becoming one of the quickest UK fintechs to become profitable, its mission is to give established businesses the banking they deserve.
Allica Bank offers a range of commercial mortgages, asset finance, a business current account and savings accounts built especially for established SMEs – all backed up with the support of a relationship manager.
Allica is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority. Financial Services Register Number: 821851. For more information, visit www.allica.bank.
Wise Platform is Wise - but for banks, large businesses and other major enterprises. It allows partners to utilise Wise’s infrastructure, meaning they can embed the best way to send, receive and manage money into their existing infrastructure, creating value for their business and customers.
Over the past decade, Wise (formerly known as Transferwise) has built a global payments infrastructure that has revolutionised how money moves around the world. Now, thanks to Wise Platform, other companies can gain access to our industry-leading, reliable service seamlessly. We allow partners to bring new products to customers without building it themselves, saving both time and money. This allows them to innovate quickly and serve, retain, and grow their customer base.
About Wise
Wise is a global technology company, building the best way to move money around the world. With the Wise account people and businesses can hold over 50 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.
Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise launched in 2011 under its original name TransferWise. It is one of the world’s fastest growing, profitable technology companies and is listed on the London Stock Exchange under the ticker, WISE.
16 million people and businesses use Wise globally, which processes £9 billion in cross-border transactions every month, saving customers around £1.5 billion a year.
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