Moving money internationally is cumbersome. Sending money across borders is slow and expensive, as the underlying technology that powers moving and managing money across borders hasn't changed for decades.
In addition to this, there is a lack of transparency in the fees and charges that are passed to customers.
The Wise-Thought Machine connector enables banks to integrate their front-end applications to Wise’s infrastructure to facilitate the execution of transfers between accounts in different currencies.
The connector also enables customers to perform cross-currency transfers directly from their bank, providing them with a seamless experience.
Banks can now connect an existing payment engine or rail to the Wise Payments Network to process customer transfers quicker, faster and cheaper. In this way, our connector offers a smart alternative to correspondent banking.
1. Global Reach
Alongside Thought Machine's Vault Core, Wise's platform empowers banks to offer customers cheaper and faster payments to 80+ countries and 50+ currencies. This can be enabled all from the customers online or in-app bank account which lives in Vault Core.
2. Speed of implementation and settlement:
Wise offers 24/7 customer support along with full API and design documentation. Both Wise and Thought Machine work with vendors across the payments ecosystem including system integrators and delivery partners like EPAM, which can make implementation of our integration even easier.
3. Low Cost and fair:
Wise makes use of the mid-market exchange rate, which is the realest and fairest market rate available. Wise calculates this price using Independent sources including Reuters, New Change and XE which updates in real time while the trading market is open. Banks using Thought Machine's integration with Wise are able to pass on the fairest rate to their customers which enables them to better retain and attract those seeking competitive exchange rates and access to foreign accounts.
4. Moving money around the world instantly:
Vault Core is a single core banking platform that can handle multiple lines of business and process transactions in real-time. Wise has built a proven system of payment rails that connect people and banks around the world. Combining both Vault Core and Wise platform means that for some currencies, money arrives instantly.
The integration between Thought Machine and Wise Platform enables Vault Core to make requests to Wise APIs to create quotes (Mid-market exchange rate, Fee, Estimated delivery time), create recipients, and execute payment requests.
The integration has been developed using Java 11, Spring and Hibernate. It could be deployed as a separate service or as a part of a microservice architecture.