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Just one year after launch, Bank Mandiri and Wise Platform's partnership has saved Mandiri customers US $2.3 million in fees, opening up a world of international payments to its 23 million app users. Using the Mandiri app, customers can now send 13 currencies, including IDR, USD and EUR, with 66% of all transactions arriving within seconds.*
As digital banking services gained momentum, Bank Mandiri's 35 million corporate and retail customers increasingly demanded faster, more convenient and cost-effective international payment solutions.
As the largest bank in Indonesia by total assets, Bank Mandiri knew that the conventional method of making cross-border payments wasn’t working for its customers. Transactions were limited to banking hours, resulting in long lines and higher processing fees.
But how could the bank better support its customers' international lifestyles and business operations? Bank Mandiri was under pressure to deliver fast, low cost and more convenient cross-border payments experiences for its customers or risk losing them to alternative providers.
And that’s where Wise Platform came in.
In March 2023, Bank Mandiri launched its partnership with Wise Platform.
Wise Platform empowers banks, fintechs and enterprises to build global payments solutions for their customers. Partnering with Wise Platform, financial service providers like Bank Mandiri can seamlessly integrate Wise’s infrastructure to access a network supported by 60+ licences, 90+ banking partners and 5 direct connections to payment systems.
By integrating the power of Wise’s global payments networks through its easy-to-use APIs into Bank Mandiri’s platform, 23 million users can now send money abroad quickly, affordably and with ease within the Livin’ by Mandiri app - all without having to switch applications.
The integration has allowed Bank Mandiri to provide a one-stop financial solution service to its customers through the Transfer Valas feature in Livin’ by Mandiri app.
Shanardra Fadhilah, an Oxford University graduate who uses the app while studying abroad, said: “The Transfer Valas Feature in Livin’ by Mandiri app has seriously made my Master’s studies in the UK less stressful. My scholarship money and living allowance are always credited into my Bank Mandiri account at the end of every month. As soon as the money is deposited into my account, I can easily transfer the amount that I need to my UK bank account without having to go outside the Livin’ app. This process takes literally a few minutes and I receive the money in my UK bank account almost immediately; making my life abroad simply stress-free.”
“I can easily transfer the amount that I need to my UK bank account without having to go outside the Livin’ app. This process takes literally a few minutes and I receive the money in my UK bank account almost immediately; making my life abroad simply stress-free.”
Shanardra Fadhilah, an Oxford University graduate and Livin’ by Mandiri app
With Wise Platform, Bank Mandiri was able to transform its cross-border payments quickly by simply leveraging an API, eliminating the need for an extensive and costly infrastructure overhaul. As a result of the integration, Bank Mandiri’s customers are now able to send payments to 24 countries and in 13 currencies, including IDR, USD, EUR, SGD, GBP, AUD, CHF, JPY, MYR, HKD, THB and SAR.
Following the launch in 2023, the feature has quickly become one of the top 5 of the most used services by overseas Bank Mandiri customers. From February 15, 2023, to February 15, 2024, the value of foreign currency transfers through the app reached an impressive US $93.3 million, saving Bank Mandiri’s more than 20,000 active users US $2.3 million in fees and charges.
Both Wise Platform and Bank Mandiri have a shared goal - to provide speed, convenience and value to customers globally. This partnership has allowed Wise Platform and Bank Mandiri to create a simple but powerful solution that is scalable and easy to use.
Benefits of the Transfer Valas feature in Livin’ by Mandiri app |
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Commenting on the success of the partnership and integration, Rolland Setiawan, Vice President of Retail Remittance, Bank Mandiri, said: “Through this partnership, we are able to deliver an innovative solution that’s simple, convenient and valuable to the people of Indonesia. Wise Platform’s offer stands out the most from the competition due to the speed, efficiency and support from the implementation team. Wise’s dedicated team makes it easy to build a seamless and reliable API integration with Bank Mandiri’s platform.”
Payments sent via the Wise Platform integration aren’t just cost-effective and transparent - they’re also fast. Since the launch of the partnership, over 66% of payments have settled instantly, with the payment success rate averaging 98%.*
Reflecting on this collaboration, Samarth Bansal, APAC General Manager, Wise Platform said: “It’s been a pleasure working with Bank Mandiri to provide a fast, cheap and transparent experience to its customers. We’re delighted to see such an impact, and value the relationship that we have built. As we grow our partnership, we look forward to adding more currencies and new features to keep delivering on Livin’ by Mandiri’s requirements and its customers’ changing needs. Bank Mandiri is redefining the international remittance experience offered by banks in Indonesia, and we are privileged to be its provider of choice.”
For more information about the international payments Transfer Valas feature in the Mandiri app, please visit Bank Mandiri's website.
*Transaction speed claimed depends on individual circumstances and may not be available for all transactions.
*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.
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