Allica Bank, a challenger bank serving established businesses with 10-250 employees, entered the partnership to enable their customers to make global payments directly and seamlessly to 160 countries supported by Wise.
This move facilitates Allica’s business customers’ 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.
Officials from Allica bank said that partnering with Wise Platform provides their business current account customers with an even broader range of tools to help their business grow. Their mission is to give established businesses the banking they deserve, and this integration with Wise Platform means their customers can spend more time focusing on their business, rather than the complexity and hidden costs associated with international payments.
Also commenting on this partnership, representatives from the Wise Platform said that their 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 their collaboration 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 integrate an augmented way to send, receive, and manage money internationally.
In June 2023, Allica Bank has teamed up with cloud-based banking platform ClearBank to support banking operations for UK small and medium businesses.
Through this partnership, ClearBank provides Allica Bank with client money accounts and access to UK payment schemes, including Faster Payments (FPS), CHAPS, and Bacs, powered by its API-first, cloud-native technology.
Allica launched its business current account to established businesses in late 2022, offering cashback rewards, no monthly fees, and relationship manager support, along with a 3% AER integrated instant-access Savings Pot. It can also offer quick and secure transactions using FPS, Bacs, and CHAPS. Allica believed it crucial to work with a provider that was closely aligned with its values and growth objectives to help it scale at pace.
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