TransferWise adds business-to-business transfers

By August 18, 2016Bitcoin Business

This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . U.K.-based money transfer startup TransferWise, which focuses on providing consumers with more affordable remittance options, launched TransferWise for Business, likely as a part of a move to expand into B2B offerings. The new platform will apply TransferWise’s low-fee consumer approach to international transfers in order to simplify the process for businesses, according to Finextra . The platform has reportedly already transferred £1 billion ($1.3 billion) in its development and testing stages. The new platform could help bolster TransferWise’s business. Cross-border business transactions are complicated. Nearly half of small businesses send or receive international transfers at least twice a year, according to Finextra. But those transfers tend to be paper-heavy, and often involve complicated processes like letters of credit to verify the safety of transactions. And they’re often expensive. Twenty percent remain unaware of how banks charge for those transfers, which could mean that they’re paying high fees. TransferWise’s digital platform and low-fee structure could ease some of those pain points and provide the firm with new clients. It will also help TransferWise continue to compete with legacy firms. Western Union recently launched WU EDGE, a cross-border platform for small businesses that now supports 13 markets and 51 currencies. TransferWise’s similar product keeps it a formidable competitor to Western Union as digital-first firms disrupt the remittance space. We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs. No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution. The battle already underway will create surprising winners and stunned losers among some […]

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