TransferWise launches bank API integration in Switzerland with neon
International currency transfer specialist TransferWise has announced that for the first time it has brought its TransferWise for Banks API integration to Switzerland. TransferWise for Banks enables financial institutions the ability to provide TransferWise’s service within the bank’s own banking app directly to their customers for cheaper, faster, transparent international payments.
TransferWise’s first Swiss customer is neon, which is challenging the Swiss banking market with its first fully digital account offering. neon’s more than 30,000 users are now able to use TransferWise’s low cost and transparent service to send money abroad, straight from the neon app.
neon customers can now enjoy the convenience of not having to download a separate app to send money overseas and can link their existing TransferWise account or, if they don’t have one, seamlessly open one with one click.
Jörg Sandrock, CEO of neon said:
“This partnership will greatly reduce the pain of sending money internationally and makes the neon account truly borderless.”
The ability to make the payment directly from their neon account means sending an international transfer through the neon app is even faster and more convenient than doing it through TransferWise.
TransferWise said that its dedicated for-banks team supported neon through all stages of the build to ensure a seamless experience both for neon and their customers.
Marianne Wildli, CEO Hypothekarbank Lenzburg stated:
“It was pretty easy for us to integrate TransferWise’s global infrastructure into the Finstar ecosystem. As a result, we will bring cost savings to even more people in Switzerland.”
TransferWise noted that its latest partnership comes to life through the integration of its TransferWise API into Finstar, the core banking system developed and marketed by the Hypothekarbank Lenzburg. The bank with a listing on the Swiss stock exchange is processing all transactions for neon users. neon has access to the data using the Finstar API and the TransferWise API.
TransferWise for Banks has partnered with Monzo in the UK, bunq in the Netherlands, N26 and Mambu in Germany, Activo Bank in Portugal and LHV in Estonia, with Novo and Stanford Federal Credit Union in the US and EQ in Canada. The company has also announced partnerships with BPCE, France’s second largest bank, and Up! in Australia.