Monzo teams up with Wise to improve international transfers
On average, you’ll spend 8x less to make international transfers than you would with high street banks, according to Monzo. Now you can clearly see what it’ll cost you, how much the recipient will get (in the foreign currency).
4 key improvements to sending money overseas
Monzo first partnered with Wise back in 2018 so Monzo customers could make use of low-cost, fast international bank transfers from inside the Monzo app, but now they have ‘made it even better.’
1.You can see what you’ll pay and how long it’ll take
This screen now comes earlier in the process so it is clear upfront about what you’ll pay. It’s got a new design, which shows the most important information in big, bold letters, how much you’ll send and how much the recipient will receive. The numbers also update in real-time, making it easier to try out different amounts quickly.
You can see your available balance at the top of the screen so you know what Monzo will deduct the transfer from, and you now have the option to change the currency you want your money to be sent in.
2. You can save payees details
Having to enter someone’s details every time you send them money is of course going to make the whole process take longer. Well, not anymore. Save someone as a ‘Wise payee’ and they’ll be there ready for you to use next time.
3. Moved international transfers to the Payments tab
Before, you had to select ‘bank transfer’ and then over to ‘international transfer’. But now they have their own spot in the main set of actions on the Payments tab.
4. The option to download a PDF receipt once you’ve sent the money
There are lots of reasons why you might want a receipt for an international transfer. This wasn’t something you could do until now, and we think the experience is much better for it.
“Monzo and Wise will always be on a mission to make money without borders work for everyone, and everything we do together will be in the service of that goal. It’s nice that it all can take place in one great-looking app.” Wise said on their blog.
Nymbus enters strategic partnership with Plaid
Nymbus, a leading provider of banking technology solutions, has partnered with Plaid, a data network powering the digital financial ecosystem, to more instantly authenticate and fund customer bank accounts for financial institutions.
This new integration will allow Nymbus bank and credit union clients to securely onboard new users in a matter of seconds, which in turn translates to more active and engaged banking experiences. Plaid’s data network enables consumers to connect their financial accounts at over 11,000 institutions globally to more than 5,000 digital finance apps, including leading payments, investing, and budgeting tools.
What are the benefits of the integration?
Benefits of the Nymbus and Plaid integration for financial institution customers include:
- Improve user identity verification and reduce fraud.
- Instantly authenticate and link members’ bank accounts.
- Streamline ACH transfers between any bank or credit union in the US.
- Access and analyse comprehensive transaction data.
- Validate real-time account balances to protect against overdraft and enable account pre-funding.
“As more consumers than ever before rely on digital finances for their everyday lives, financial institutions need to meet their customers where they are while supporting safe and reliable money management experiences,” said Sarah Howell, Chief Alliance Officer at Nymbus. “Our expanding network of partners are important contributors to Nymbus’ combined portfolio of the technology, people and process available to quickly innovate with new routes to market and revenue streams.”
Continuous growth and expanding partnerships
Founded in 2015, Nymbus has continued to grow. Most recently the company has closed a new round of financing led by the Curql Fund. The US$5 million investment will be used towards Nymbus CUSO and accelerate a shared commitment to breakthrough technology for ensuring continued growth and stability for the credit union community.
Nymbus CUSO was founded in March 2021 to help break through barriers to growth, and its mission is to connect credit unions with trusted fintech offerings that both simplify technology delivery and enable new digital revenue opportunities.
Last year Plaid set a goal to move 75% of its traffic to APIs by the close of 2021, calling it “one of our top priorities as the industry moves full-steam ahead toward a fully digital financial system.”
Recently it has announced an open finance partnership with Capital One, a digital finance innovator, and the successful completion of its migration to the Capital One API. They have also completed or have in-motion data access agreements with major US financial institutions, including U.S. Bank, JPMorgan Chase, Wells Fargo, and others.