TransferWise has signed up the first US financial institutions to integrate its international money transfer service directly into their mobile apps.
Novo, a neobank for small businesses, freelancers and startup founders, and Stanford FCU, a federal credit union that serves the Stanford University community and tech companies in the Bay, area have signed on to TransferWise for Banks.
By plugging into TransferWise's API, the two firms can send offer their customers the ability to send money abroad at the real exchange rate for a small, upfront fee.
Kristo Käärmann, CEO, TransferWise, says: "By plugging into our API, these two providers just became the fastest and cheapest to use in the US for international payments. In fact, people and businesses staying with traditional providers end up paying 5-10x more than the customers of our partners, who can experience the low cost and convenience of TransferWise services without leaving their banking app."
European digital upstart banks Monzo, Bunq and N26 have already completed TransferWise integration, while France's second largest lender, BPCE, is set to follow suit in the next year.