Thought Machine has integrated Wise's international money transfer platform into its core banking engine, Vault.
The move gives Thought Machine's bank and fintech clients the ability to use Wise’s fast and low-cost international transfers service more quickly and efficiently. The firms have built an integration layer that, they claim, reduces the developer effort needed for financial institutions to plug into Wise’s API by up to 60%.
Wise, which rebranded from TransferWise earlier this year, began life as a scrappy consumer-facing upstart offering an alternative to slow and expensive currency transmission services provided by banks.
However, while still serving millions of consumers directly, the firm has long since abandoned its bank-baiting attitude in favour of courting incumbents to embed its API within their platforms.
The new deal sees its technology made available to Thought Machine's clients, including Lloyds Banking Group, Standard Chartered, Atom bank, Monese, Curve and SEB.
Stuart Gregory, MD, Wise Platform & Wise Business, says: "Our integration today makes it quicker and easier for financial institutions and banks to enable faster and cheaper payments for their customers and brings us one step closer to our mission of building money without borders."