The global payment infrastructure for banks and major enterprises by Wise, Wise Platform, has entered into a new partnership with the online banking platform for businesses, 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 to 250 employees – entered into the partnership to enable their customers to make global payments directly and seamlessly to 160 countries supported by Wise.
The partnership represents 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.
Steve Naudé, head of Wise Platform, explained the need for the new partnership: “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.”
The Wise Platform integration means that Allica customers can complete the whole process of making an international payment quickly and conveniently within their banking app.
Customers will know upfront the total fees for making an international payment and be able to guarantee that the exact amount is received by their recipient.
Helping customers ‘spend more time focusing on their business’
Nida Sattar, head of product and payments at Allica Bank, also added: “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.”
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.
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.