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Wise Platform and neon: leveraging the power of strong ecosystems
Problem
Sending money abroad can still be complex, expensive, and slow. For too long, Swiss customers have had few choices about how to send their money abroad. Many Swis natives are working or living abroad, and there are many second and third generation immigrants or expats in Switzerland with family abroad.
Settling payments in different currencies & across countries has historically been extremely complex and relatively expensive international payment services.
Yet, settling payments in different currencies and across countries has historically been extremely complex, in large part due to a lack of competition which allows banks to get away with complex and relatively expensive international payment services.
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Solution
Delivering an innovative solution that fulfils neon criteria: digital, simple, customer-centric, and valuable.
At neon, the Swiss neobank (and the first independent account app in the country!), it is important to us that we deliver a modern way of managing money. For our customers, that means low and transparent fees when sending money abroad. neon's goal is to create the most affordable and easy-to-use account in Switzerland. One of the ways to do this is through partnerships.
Julius Kirscheneder, Co-Founder of neon, said: "Cooperation with partners allows us to focus on our core services while delivering an innovative solution that fulfils our neon-criteria: digital, simple, customer-centric, and valuable.
Partnerships also allow us to focus on the areas where either no solution for our customers exists in the Swiss market yet, or where we are convinced that we can provide a better solution than anybody else." "We found a partner that shares our vision - we both aim to bring transparency to a market that was lacking it before.
Wise Platform's offer also stood out from the competition due to its high efficiency. Wise is not only low cost — it also enables fast settlement times and a simple, easy integration process."
neon and Wise worked together to create a simple but powerful solution that is scalable and easy to use*. Our integration today will allow us to add additional currencies or even whole new features quickly in the future to keep up with customers' changing needs.
"We found a partner that shares our vision - we both aim to bring transparency to a market that was lacking it before. Wise Platform's offer also stood out from the competition due to its high efficiency. Wise is not only low cost — it also enables fast settlement times and a simple, easy integration process." - Julius Kirscheneder, Co-Founder of neon
Impact
More than 20,000 (over 15%) neon customers have used our integration with Wise Platform, right from within their neon app.
More than 60% of transactions are settled into the recipient's account in less than 10 minutes
Neon customers are now able to send money in more than 40 currencies around the globe, and the number of transactions made is growing exponentially. Of these transactions, more than 60% are settled into the recipient's account in less than 10 minutes. That's a big difference compared to the experience of international transfers from classic Swiss banks.
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*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Money without borders
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