Clarifying the Global Payments’ Landscape

Human beings are known for many different things, but most importantly, they are known for getting better on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the goods. The same has become a lot more evident in recent times, and assuming a new fintech partnership shakes out just like we envision, it will only make that trend bigger and better moving forward.

Wise, the global technology company building a new-age medium to move money around the world, has officially partnered with Bluevine to introduce a cost-efficient brand of international payments. According to certain reports, the partnership will see Bluevine all-in-one digital banking account’s customers using Wise’s platform to achieve more transparency across payments that are quite infamous for being unpredictable. You see, going by a research, nearly 75% of SMBs are dissatisfied with their current cross-border payment solutions due to the latter’s history of carrying several hidden costs. These costs are masterfully snuck into the package through inflated exchange rates, confusing pricing structures, and plenty other tactics. But how will this partnership solve the stated problem? Well, owing to Wise’s enormous progress in enhancing the payment technology, Bluevine and its customers will be able to carry out their transactions on the back of highly-competitive exchange rates and an extremely low fee rate. Notably, at launch, they will have the option to do so across eight different currencies, and as for the geographical reach, the solution will let them send and receive money from over 26 countries. However, both the currencies and countries’ assortment is likely to get bigger over time.

“We’re thrilled to be partnering with Wise to provide our customers with a best-in-class solution for sending international payments,” said Charles Amadon, SVP & General Manager of Bluevine Banking. “In speaking to customers it became clear that managing international payments was still a headache for too many. What they wanted from Bluevine was a simple solution that delivered on what matters most – speed, transparent pricing, and ease-of-use from within Online Banking. This integration unlocks these benefits and more, saving small business owners’ time and allowing them to focus on growing their business.”

With more than 60 banking partners, Wise is currently one of the world’s fastest growing, profitable technology companies. It serves around 16 million people and businesses worldwide, and given the vast user base, it roughly processes £9 billion in cross-border transactions every month. This number, when placed alongside the company’s cutting-edge payments’ framework, saves customers around £1.5 billion a year.

“There is a fundamental shift in how small businesses operate today, and while they are becoming more international, the tools in today’s market only cater to domestic needs,” said Steve Naudé, Head of Wise Platform. “We’re proud to partner with Bluevine, a like-minded company, to bring in a new era of convenience and transparency for small business financial tools.”

Moving on to Bluevine, since its inception in 2013, the company has delivered streamlined banking solutions at the disposal of over 450,000 entrepreneurs. Talk about what solutions are included here, Bluevine brings forth for you everything from business checking to bill pay and even a full-fledged line of credit.