Allica Bank, a UK-based challenger bank targeting business customers, has entered into a strategic partnership with Wise Platform to enhance its cross-border payment services. Allica Bank primarily serves businesses with employee counts ranging from 10 to 250, and the collaboration with Wise Platform aims to facilitate transparent and cost-effective international payments for its clientele.
Through the integration of Wise Platform’s payment infrastructure, Allica Bank’s business customers will gain the capability to conduct cross-border transactions seamlessly. The partnership allows for payments to 160 countries supported by Wise, promising no hidden fees and eliminating exchange rate mark-ups. This feature is expected to streamline the international payment process for businesses, providing clarity on fees and ensuring the exact amount to be received by the recipient.
One notable aspect of the collaboration is the integration of Wise Platform’s functionality directly within Allica Bank’s mobile app. This means that Allica Bank’s business clients can execute international payments without the need to navigate to a separate platform, enhancing convenience and efficiency. The upfront disclosure of fees and the precise amount reaching the recipient further contributes to a user-friendly and transparent experience.
Nida Sattar, Head of Product – Payments at Allica Bank, emphasised the partnership’s significance in empowering their business customers. The aim is to provide a broader range of tools, particularly in the realm of international payments, enabling businesses to focus more on their operations and less on the complexities and hidden costs associated with cross-border transactions.
Wise Platform, with a global reach and collaboration with over 70 partners, positions itself as a facilitator of efficient and cost-effective international payments. This collaboration with Allica Bank aligns with Wise Platform’s broader strategy of working with banks and fintechs to enhance their cross-border payment capabilities.
In summary, this partnership between Allica Bank and Wise Platform marks a strategic move to bolster Allica Bank’s international payment services, catering to the specific needs of businesses. By leveraging Wise Platform’s expertise and infrastructure, Allica Bank aims to provide its business clients with a seamless and transparent cross-border payment experience directly within its mobile banking app.
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