Wise Platform Mission update Q2 2022

It has been another exciting quarter for Wise Platform, an ever-growing part of our offering at Wise, which brings the power of the Wise payment rails to platforms and banks across the world. By partnering with a wide range of banks and global operating businesses, allowing them to access our fast, transparent and low-cost international payments capabilities, we continue to move closer towards our mission: to create a world of money without borders.

In this update you will learn more about what the Wise Platform team has been up to over the last quarter, including launching new partnerships, new solutions, solution upgrades, and more.

New product features and partners

Over the last quarter, we went live with some exciting new partners and have been working hard to improve our Wise Platform solutions to offer a better experience for our partners’ end users, as well as a best in class experience for our partners. Find some feature updates and new partners below.

Partners now have real-time access to all payment return reasons

Despite the complex world of international payments, Wise has an industry leading ‘straight through processing’ rate. But there may be cases where payments are returned to us - for example if the recipient’s account details provided were incorrect.

Each country’s payment scheme has their own set of codes and reasons for why payments have been returned. Wise has spent time to simplify these into a set of unified reasons - and now offers these updates automatically in realtime to its connected partners.

This allows partners to supply this information clearly to both their internal teams and customers - helping reduce the time, costs and effort in dealing with problematic payments. Find more information about this specific feature in our development docs here.

Receive from over 170 countries

Our new feature, SWIFT Receive enables banks and global operating businesses to receive money via SWIFT from around the world. A simple configuration change into the SSI with a Wise BIC will do the trick, allowing you to receive funds just like an international bank.

Onfolk

Onfolk is a modern people system creating seamless solutions to manage time-off requests, pensions, HR requests, payroll and onboarding, and a wider suite of integrations. Thanks to Wise Platform’s Connected Payments API, Onfolk’s onboarding and payroll solutions will become even more efficient. Customers will be able to execute payroll conveniently using the Wise network without having to leave Onfolk’s platform, thanks to the power of API.

Fibabanka

We’re also excited to bring Wise Platform to Turkey through our partnership with Birlesik Odeme and Fibabanka. From April, over 3.2 million customers gained access to cheaper, faster transfers abroad - all from within Fibabanka's website and app.
The first of its kind in Turkey, our partnership with Birlesik Odeme allows Fibabanka’s customers to send money abroad in foreign currencies including USD, EUR, GBP & CAD.
Challenging the traditional banking system in Turkey, Fibabanka offers full transparency on fees, unparalleled transfer speeds and a mid-market rate making it easier and simpler for customers sending money abroad.

More flexible user onboarding options

We now enable all licensed and unlicensed partners to pass on customer signup details over API, this significantly improves the user experience and makes it easy for their customers to complete their Wise signup mainly in their own environment, followed by just reviewing and signing at the end.

Firstbase customers can gain seamless access to Wise’s international account

Wise Platform has partnered with Firstbase to bring our international account to founders with this more flexible onboarding experience. Move money between currencies in seconds, always with the real exchange rate and without high conversion fees. Send money to over 50 currencies with one account.

Monzo business account holders

In 2018, we partnered with Monzo, one of the UK's leading challenger banks, to power international payments for their customers. Customers loved the convenience of Wise Platform, and after listening carefully to their feedback, we sought to upgrade our offer and create an even better experience for Monzo users. So, in 2021, we went back to the lab...

One year later, we are excited to announce that together with Monzo we have expanded our offer to Monzo Business customers, who will now also benefit from our platform and be able to send international payments without ever having to leave the Monzo app, thanks to our intuitive connected payments API.

Media & events

Money2020 EMEA, Amsterdam

Wise Platform sponsored the connections lounge at Money2020 this June in Amsterdam. It was a great opportunity for our team to have many interesting conversations with people from across the industry.

Our colleague Steve Naudé, GM for Wise Platform, took the stage multiple times. He spoke to FF News about the importance and viability of achieving our mission: money without borders. And, together with our friends and partners at Tiger Brokers, highlighted how we work together to improve cross-border investments for Tiger Brokers’s customers.

See you in Vegas in October!

Banking Transformation Summit, London

Two of our fantastic Wisers, Dan Laush - Engineering Lead, and Hazal Muhtar - Analytics Lead, spoke to an audience of banking professionals at the Banking Transformation Summit in London on 29th June (ignore the date on the slides below) along with George Burbidge from Multiverse. Dan and Hazal expertly honed in on how apprenticeships drive innovation at Wise and why investing in our people is so important. Wise Platform was discussed by George as an exciting opportunity for the banking industry and a key part of our offer as a company.

We also got to listen in to some fantastic panels discussing how partnerships between fintechs, neobanks, and tier 1 banks will only become more important in the years to come, reaffirming our belief that Wise Platform is an industry leader, and only making us more excited to continue building on our mission.

Coverage of new partnerships & Wise Platform

• Fintech & Finance News | Money20/20 Europe with Steve Naudé, Wise
• Open Banking Excellence | Interview with Roisin Levine
• Businesswire | Firstbase Startup Platform Adds Wise to Initiate Instant Cross-Border Payments
• Finance Magnets | Wise Partners Max to Open Up Israelis to Global Payment
• The Paypers | Wise and Monzo deliver international transfers to UK businesses | The Paypers
• Xu Magazine | Wise Platform partners with Birlesik Odeme to bring fast, convenient transfers to Fibabanka customers in Turkey
• Globe Newswire | Gotrade Partners With Wise to Make Funding Investments a Transparent and Simple Experience

Wise’s all hands hosted by Wise Platform superstars!

Twice a year we get together as a company to review our progress on achieving our mission, which we call Mission Days. We reflect on how we're growing, the progress we've made and discuss ideas on how to keep moving towards our goals. This year, the event was hosted by 2 superstars from the Wise Platform team: Prasangi Unantenne, who heads up the Wise Platform implementation team, and Vinay Palathinkal, who leads the APAC sales organisation of Wise Platform.

Mission Days, which took place live in Tallinn, Estonia, saw almost 2000 of our 3000+ employees come together in person. Sangi and Vinay did a fantastic job hosting the day - and at the same time being able to share the great strides we are making with Wise Platform and our partners with the rest of Wise. They showed us once again how blessed we are to have such talented team members here at Wise Platform.

The Platform team then spent an additional week in Tallinn discussing our plans for the year ahead and because we are a growing team we are always looking for new talent globally, so do reach out if interested.

Want to learn more about Wise Platform and all the solutions it has to offer? Visit platform.wise.com or get in touch with our one of our solution consultants to discover what is the best way for your organisation to get connected to our payment rails. Get in touch.