TransferWise might be best known for its international money transfer app, but the European fintech unicorn has always had ambitions of being a broader platform play entirely agnostic of how you access the service. This includes providing banks with access to the TransferWise API to power their own international money transfer features. However, perhaps understandably — given that the company also competes with banks — these partnerships have been small in number.
Following this partnership, TransferWise will provide international money transfer services for BPCE Groupe’s 15 million or so customers, which, the company notes, is the first time a major bank in Europe will directly integrate TransferWise’s API into its mobile banking apps.
TransferWise’s existing bank partnerships are with Estonia’s LHV, and German challenger bank N26. It was due to add UK challenger bank Starling to the list, but the integration with the bank’s app never materialised.
Apart from its international money service transfers, TransferWise provides their API to banks who can power their own international money transfers features. This is why the fintech company seek various partnerships with banks.
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