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EQ Bank, the digital subsidiary of Canada’s Equitable Bank, has signed a partnership agreement with TransferWise which will see the latter underpin EQ Bank’s international payments, reports Alex Hamilton of Fintech Futures, Finovate’s sister publication.
EQ Bank has integrated TransferWise’s API directly into their infrastructure. EQ Bank customers will be able to send money from their Savings Plus account at “the real exchange rate,” paying a “small, transparent TransferWise charge.”
Kristo Käärmann, CEO and co-founder of TransferWise, said that Canadian consumers stand to lose a “staggering” $330 per person to hidden fees when exchanging currencies.
“This needs to stop,” he said. “We ultimately want to ensure that everyone has access to fast, cheap, and transparent international money exchange. We’re thrilled to have found a like-minded partner in EQ Bank.”
EQ Bank recently completed the move of its Temenos core banking system into the cloud. The digital bank utilizes Microsoft’s Azure cloud platform, using software hosted by HP.
“From hidden mark-ups in the exchange rate, to paying multiple fees and lengthy delays, for too long Canadians haven’t been getting the best value for their dollar when sending money abroad,” said Andrew Moor, president and CEO of Equitable Bank.
“At EQ Bank we continually seek ways to remove unnecessary complexities and fees from outdated banking structures to put more money back in the hands of our customers. As TransferWise shares these important values, they are the perfect partner to help us achieve our goal.”
Transferwise, which most recently demoed at FinovateEurope 2013, was founded in 2010 and is headquartered in London. The company has raised more than $770 million.
GoCardless has teamed up with TransferWise to launch the first global network for collecting recurring payments via bank debit, reports Jane Connolly of Fintech Futures (Finovate’s sister publication).
Customers of recurring payments fintech GoCardless will be able to collect subscriptions, invoices and installments in over 30 countries, without having to open a new bank account in every relevant country or pay large foreign currency receiving fees.
The new network enables customers to collect payments via multiple bank debit schemes around the world through the GoCardless API, dashboard or partner integrations. The partnership claims that a direct integration to the TransferWise API will provide low cost, convenient and transparent pricing.
“Businesses today have global ambitions, but an antiquated, fragmented and opaque payment system is holding them back,” said Hiroki Takeuchi, CEO and co-founder of GoCardless.
“Our new network represents a major milestone in our mission to fix this broken system. Companies of all sizes can now tap into the only global network for recurring payments, built on the tried and trusted method of bank debit, with real exchange rates powered by TransferWise. This will take the pain out of getting paid and enable every business to operate in a way that’s truly borderless.”
Taavet Hinrikus, chairman and co-founder of TransferWise, added: “Together, we’re setting the new standard for business banking, using new technology to offer cheaper, faster, more transparent services that truly meet the needs of today’s businesses.”
Rolling out in phases from mid-November, the network will allow businesses to receive payments at the real exchange rate in GBP, USD, EUR, SEK, DKK, CAD, AUD and NZD.
TransferWise demonstrated its platform at FinovateEurope 2013. Founded in 2010 and headquartered in London, U.K., the company has raised more than $772 million in funding from investors including Vitruvian Partners and Lone Pine Capital. The firm’s competitors include fellow Finovate alums Revolut and Currencycloud.
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Central and Eastern Europe
Business Review looks at the potential for French-Romanian cooperation on fintech innovation.
Relex, a cryptocurrency-based real estate development investment platform, inks agreement with Belarus Currency and Stock Exchange.