The IT Nerd

Visa and TransferWise today announced a global partnership and the first use of Visa Cloud Connect, a new way for fintechs and partners to securely connect to VisaNet, Visa’s global processing network, through the public cloud. Visa Cloud Connect underpins a new global agreement between Visa and TransferWise that will enable the expansion of TransferWise’s multi-currency debit cards in Asia Pacific, Europe, LAC, the Middle East, U.K. and U.S.  

The TransferWise multi-currency account allows consumers and businesses to hold and convert 55 currencies at the real exchange rate. The multi-currency debit card lets customers spend and withdraw directly from any of the currency balances. Expanding the offering into new markets would have previously required significant investment in local data centers, telecommunications infrastructure and specialized payment hardware. With Visa Cloud Connect, TransferWise can quickly establish a secure connection to VisaNet through its cloud provider, eliminating the need for costly local connectivity and speeding up TransferWise’s roll out plans.

Connecting Visa’s state-of-the art infrastructure with the cloud 

Today, global card programs expanding into multiple countries require investment in local data centers using specialized hardware and telecommunications infrastructure as well as coordination with local partners to adhere to regional standards. This can slow down new rollouts and delay customer adoption. Visa’s new Visa Cloud Connect platform provides a secure cloud-based connection to VisaNet, including a unified certification and testing framework, Visa-hosted security services such as transaction encryption and PIN key management, and simplified settlement in local markets. 

This combination of technology and services simplifies global connectivity and testing, lowers IT costs through cloud integration, and speeds time to market for launching programs in new geographies. This is particularly beneficial for new types of clients like TransferWise who have been operating on cloud-based systems from their inception.  

Visa Cloud Connect is currently in pilot phase with TransferWise and is slated for global availability for other clients in August 2021. 

TransferWise Multi-currency Account

TransferWise, now 4-years profitable, serving 10 million customers and moving $6 billion in cross-border transactions every month, will be the first company to integrate globally with Visa via a single integration. This will dramatically speed up TransferWise’s plans to rollout to customers the debit cards that accompany its multi-currency account in a host of new markets. 

Since launching the TransferWise multi-currency account in 2018, the company has issued more than 1 million debit cards through existing processors and partners. The account and card help people and businesses avoid high foreign transaction fees and costly exchange rates when travelling, managing their money in multiple currencies, or doing business across borders.

7 years ago, that TransferWise, set out to make the world of finance more fair. Their mission has always been simple: money without borders for everyone, everywhere – instant, convenient, and eventually free. Now the company has opened access to its API so that any Canadian business can now integrate TransferWise into their workflow, enabling customers to make fast, low cost international transfers directly from their own website or app.

This means you can now get access to the same platform that powered  TransferWise. So you can make the same transparently priced, fast, low-cost transfers directly from your own website or app. Or build whatever you need to better manage your finances. You don’t need to be a business or a bank to use the API, and there are no extra charges or premium subscriptions. And it only takes a few minutes to get your tokens. The API documentation has everything you and your engineering team need to kick off the integration. It only takes a few minutes to get a sandbox account – and once you’re done, you’ll be able to start testing and building with their API right away. When you’re ready to go live, sign in to your real TransferWise account to get your live API token. If you run into any issues, just email api@transferwise.com and they’ll quickly get you going again. While there are still a few limitations that are being addressed, this is live now.

TransferWise, Europe’s leading consumer financial technology  start-up, today announced the official launch of its widely acclaimed peer-to-peer international money transfer platform in Canada.

TransferWise was founded in early 2011, and has quickly grown into one of Europe’s most successful tech exports with more than one million customers and moving almost CAD$1 billion a month, saving customers more than CAD$1 million a day. It has secured $91 million backing from investors such as Andreessen Horowitz, Sir Richard Branson, former CitiGroup CEO Vikram Pandit and PayPal founder Peter Thiel.

The company has been recognized for its innovative approach by the World Economic Forum as a Tech Pioneer, included as a CNBC 50 disruptor, is on the Forbes FinTech 50 list and its mobile app was recognized as Apple’s Most Innovative App in 2015.

Three million Canadians live abroad and almost seven million expatriates live in Canada. They will now be able to send Canadian dollars to any of the 60 countries and 35 currencies on TransferWise’s international money transfer platform – giving them an alternative that is up to five times cheaper compared to a bank. International money transfers are far more expensive than banks let on. Even when they claim there are no fees, they typically use an inflated exchange rate to increase their profits. TransferWise charges just 1.2 per cent – up to five times cheaper than Canadian banks.

In 2015, TransferWise expanded its service to every continent, including major markets such as the United States, China, Brazil and Australia. Since its U.S. launch one year ago, it has processed over two billion U.S. dollar transactions – saving its American customers over $50 million in bank fees in 2015 alone.

TransferWise’s international money transfer platform is based on a peer-to-peer model, which gives users access to the real mid-market exchange rate. This allows them to avoid traditional banking fees altogether, which has never before been possible for Canadian consumers transferring money abroad.

The company started in 2011 with its two founders making transfers between British pounds and euros. It now has over 500 employees and operates across almost 500 currency routes.

For more information and to start transferring your money abroad, visit www.transferwise.com.