Allica Bank works with Wise to streamline cross-border payments for UK businesses
Wise Platform, which is Wise’s global payment infrastructure for banks and large enterprises, is working with UK-based Allica Bank to enable cross-border payments for UK businesses.
Nida Sattar, head of product – payments at Allica Bank, said that the new partnership with Wise Platform will give its business current account customers “an even broader range of tools to help their business thrive”.
The challenger bank, which serves established businesses with typically 10 to 250 employees, has partnered with Wise to enable its business customers to make global payments directly to 160 countries.
The partnership will be particularly beneficial for businesses with plans to expand or which already operate globally, as they will be able to use their current accounts to send international payments with transparent fees and no exchange rate markups.
“Our mission is to give established businesses the banking they deserve, and this integration with Wise Platform means our customers can spend more time focusing on their business, rather than the complexity and hidden costs associated with international payments,” Sattar added.
Wise Platform has more than 70 partners, including banks and major enterprises, which can use Wise’s infrastructure to embed a way to send, receive and manage money into their existing infrastructure.
“Our partnership with Allica Bank is a significant step forward, bringing streamlined cross-border payments to more businesses across the UK,” said Steve Naudé, head of Wise Platform.
“Nowadays, pace and reliability are essential for both individuals and businesses and our partnership will ensure customers have access to quick, low-cost, and secure international transactions.”
Earlier this year, Allica Bank teamed up with real-time clearing and embedded banking provider ClearBank to provide customer accounts and access to UK payments schemes to Allica’s business customers.