Following this announcement, the partnership will focus on providing Mox customers and clients with the possibility to access low-cost, transparent, and fast global money transfers, through the use of the Mox application directly.
Through the use of the Wise Platform, Mox users will be enabled to make international payments by using the Mox Express Remit solution, in order to send HKD to 10 different currencies, including AUD, CNY, EUR, GBP, IDR, INR, JPY, PHP, SGD and USD. The Wide Platform represents the company’s infrastructure offering, which was developed to allow banks, financial institutions, and enterprises to access the global payments network of Mox. This process is set to bring low-cost and fast cross-border transactions to their users.
The integration is expected to allow more individuals to benefit from the speedy, secure, and affordable network, so they will have the possibility to bring low-cost and cross-border payments to their clients.
According to the official press release, over 60% of transactions are processed on Wise are instant, while 81% within an hour. In contrast, cross-border money movements are taking place through traditional methods that are typically slower because they involve high charges are hidden fees. By partnering with Wise Platform, Mox will be enabled to leverage the APIs in order to offer an affordable, transparent, and fast experience for clients. The Wise Platform delivery team will also be supported by Mox through the development of Express Remit, aiming to ensure optimised experiences for their clients.
Both companies will focus on the strategy of providing transparency in foreign exchange by adopting secure pricing, as well as exchange rates for its Express Remit service. With user-friendly remittance functions on the app, including currency trends and pairs, the firms aim to provide improved convenience and privacy for clients by optimising their banking experience and satisfaction. Mox and Wise will prioritise the process of remaining compliant with the regulatory requirements and laws of the industry while accelerating the development of global money transfers as well. At the same time, the companies will focus on modernising the worldwide financial system by meeting the needs, preferences, and demands of clients in an ever-evolving market.
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