Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

U.K.’s Wise to join the New Payments Platform in Australia

2021 09 26T142221Z 2 LYNXMPEH8P07B RTROPTP 4 FINTECH WISE - Global Banking | Finance

SYDNEY (Reuters) – Digital money transfer group Wise Plc will join an Australian payments network which should allow transfers to be settled in the country faster and at lower cost, Chief Executive Officer Kristo Kaarmann said on Friday.

The company will become a direct participant and shareholder in Australia’s New Payments Platform (NPP), Kaarmann said.

Wise said that joining the NPP will allow it to lower its average price of money transfers in or out of Australia by bypassing middlemen to clear and settle real-time payments instantly.

Kaarmann did not say how much lower its rates would be after joining the NPP. It charges about 0.56% on its Australian transfers currently, the company said.

That compares with the average 5% to 6% the country’s major banks charge, according to Wise’s calculations.

The 10-year old financial technology company is regulated in Britain, the United States, Singapore, and among others, Australia, where it also holds a banking licence. But in many of the over 80 countries where it offers remittances, Wise partners with banks to hold deposits, which increases its costs and prices.

“Our average cost … is already many multiples cheaper than the banks,” London-based Kaarmann said. “We want to get as close to zero as possible, in terms of cost.”

The firm, whose market debut in July became the London stock exchange’s largest ever tech listing, estimates it handles about 1% to 2% of transfers by consumers and small and medium-sized businesses globally.

(Reporting by Paulina Duran in Sydney; Editing by Christian Schmollinger)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post