Wise Platform, Wise’s infrastructure offering for banks, financial institutions and enterprises around the world, and Swan, the European leader in embedded finance, today announced a new partnership to enable Swan’s clients to send and receive money from over 190 countries quickly, transparently and at a lower cost.
Swan’s 100+ clients can now offer international payments which enables their customers to send and receive funds in 20+ currencies at the mid-market rate, in just a matter of seconds. Today, over 60% of all transfers sent globally via Wise settle instantly (meaning in less than 20 seconds).
Through this partnership, Wise Platform is fully integrated into Swan’s technology stack – allowing Swan’s clients to enable international payments seamlessly – reducing implementation timelines and costs. That way, clients can focus their efforts on their core business and provide a more convenient user experience for their customers.
Swan enables companies across Europe to easily embed banking features such as accounts, cards, and payments, into their own product. Thanks to their integrations with Swan, companies build better, all-in-one user experiences whilst generating additional revenue. Pennylane, an accounting tool which recently achieved unicorn status, stands as a prominent customer of Swan. The new international payments upgrade plays an important role in Pennylane’s expansion strategy targeting the mid-market.
Tancrède Besnard, VP Product of Pennylane, said: “Our customers love paying their bills in a matter of seconds on Pennylane. The payments triggered on the spend management side are automatically impacting the accounting side. Being able to pay the bills of international suppliers in foreign currency was a very important request of medium and large enterprises.”
Steve Naudé, Managing Director of Wise Platform, said: “Wise Platform and Swan share a philosophy of building products and solutions that make life easier for customers, so that they can focus on their core business. That’s why we’re so excited to launch this partnership, which gives their European clients an intuitive, affordable, and more efficient way to send and receive money when doing business internationally. We look forward to growing our relationship with Swan in the future”.
Nicolas Benady, CEO at Swan, commented: “People expect in-app payments to be available in whatever currency they need. Through Swan’s partnership with Wise, any European company can easily embed international payments into their product. Because Swan prioritizes local routes, companies can offer transfers with the lowest costs and fastest delivery. They can offer complete transparency too, by displaying fees in advance of each transfer. This significant upgrade opens up strategic growth opportunities, especially for financial management and niche banking software.”
Today, Wise Platform is used by most European neobanks to implement cross-border payments services quickly and seamlessly, including N26, bunq and Activo.