Mambu, in partnership with TransferWise, is enabling its customers, challenger and traditional banks alike, to offer cheap, fast and transparent international money transfers at the real exchange rate through TransferWise for Banks.
TransferWise for Banks is applicable for any company looking to provide its clients and customers with a cheaper, more convenient way to send money internationally. Mambu simply plugs into TransferWise’s free and fast application programming interface (API).
Mambu allows financial institutions, including Australia’s Nimble and Hay, Vietnamese commercial bank MSB, India’s ZestMoney and Singapore’s Cheers Paytech, to build new banking and lending experiences in Asia Pacific, offering many banking capabilities, such as current accounts, loans, deposits, mortgages and other financial products with a wide range of third-party services easily integrated into the platform.
As a result of this integration, Mambu’s customers are able to use an out-of-the-box integration without spending effort on implementing it, so they can focus on building a convenient user experience for customers to send money internationally, knowing exactly how much they are paying without any hidden fees.
This new partnership follows a succession of recent announcements across the world for TransferWise, including Monzo in the UK, N26, Bunq and LHV in Europe as well as Stanford FCU and Novo in the United States and UP in Australia. The company also announced its partnership with BPCE, France’s second largest bank, with more partnerships to come over the next 12 months.
Kristo Käärmann, chief executive officer and co-founder of TransferWise, said, "Integrating TransferWise for Banks with Mambu is another major step towards our vision of establishing a new global payments infrastructure for banks around the world, and bringing our low cost, transparent service to anyone who needs it. Mambu is a game changer in a market that seeks modern solutions to the problems faced by traditional banks.”
"The cloud banking platform is one of the most vital components in building a bank. By plugging into our API, Mambu just became the world’s number one cloud banking provider to use for international payments. From their first day in business, banks gain significant advantages over their competitors, benefiting from the speed and convenience of TransferWise’s services,” Käärmann added.
On the other hand, Mambu’s chief technology officer and chief product officer Ben Goldin, said, “TransferWise has revolutionised how money is moved across borders. We were impressed how TransferWise has established itself around the globe, spanning infrastructure platforms in a highly complex regulatory environment, which aligns with our aims. We aim to offer best-in-class banking services through our cloud platform and are pleased that international banking is no longer of any concern for our customers.”
Mambu’s managing director for Asia Pacific Myles Bertrand, added, “This new partnership with TransferWise will be of huge benefit to Mambu’s customers across Asia Pacific, a region where international transfers can currently be prohibitively costly and cumbersome. We are very excited to introduce TransferWise’s game-changing international transfer services to our customers across Asia Pacific, and we envisage this partnership will help to further our goal of improved financial inclusion across the region.”
Re-disseminated by The Asian Banker