Payment infrastructure provider Wise has teamed up with online banking platform Allica Bank to provide UK businesses with more efficient cross-border payments.
The new partnership will combine Wise’s capabilities with those of Allica to ensure low-cost international transactions for customers across 160 countries – with Allica’s business clients now able to achieve international expansion by using their current accounts.
Nida Sattar, Head of Product and Payments at Allica Bank, said: “Partnering with Wise Platform provides our business current account customers with an even broader range of tools to help their business thrive.
“Our mission is to give established businesses the banking they deserve, and this integration with Wise Platform means our customers can spend more time focusing on their business, rather than the complexity and hidden costs associated with international payments.”
In terms of services, Allica Bank specialises in the provision of commercial mortgages and asset finance for established SMEs. This can now be scaled thanks to the challenger bank’s integration with Wise.
Allowing for international payments directly from a banking app, the partnership gives customers a detailed upfront view of the total fees generated by a transaction so that they can ensure payees receive the exact amount of money needed.
Steve Naudé, Head of Wise Platform, added: “Our 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 our partnership will ensure customers have access to quick, low-cost, and secure international transactions.”