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Wise has introduced a range of new features to its partners through the Wise Platform API, including the issuance of digital debit cards, multi-currency account details, and the capability to conduct transactions seamlessly in over 170 countries.
The platform’s latest offering, initially launched in Australia in partnership with ProSpend and Parpera, introduces a customized approach to issuing multi-currency accounts and digital debit cards via their own interfaces.
This development comes as a boon for businesses seeking a tailored solution to enable their customers to manage money across multiple currencies efficiently. The launch of these features is initially being rolled out in collaboration with Australian partners, ProSpend and Parpera, solidifying Wise’s position as a comprehensive one-stop solution for cross-border money management.
The collaboration between Wise Platform and ProSpend aims to enhance ProSpend’s proactive business spend management solution. By leveraging Wise’s infrastructure, ProSpend can now provide its corporate clients with a secure and hassle-free alternative to cash reimbursements.
Additionally, it offers an advanced option beyond traditional corporate card programs, enabling faster in-app payments for supplier invoices through instant digital debit cards. These cards are directly linked to a central multi-currency account, allowing seamless currency conversions within the ProSpend platform.
Parpera, an all-in-one business money management solution catering to thousands of sole traders, has also joined forces with Wise Platform. Recognizing the limitations of conventional banking solutions, Parpera has integrated Wise’s services to address its customers’ evolving needs. Initially focusing on domestic requirements, Parpera empowers its users with the necessary tools to scale their businesses globally when the time is right.
The features offered by Wise Platform through its partnerships with ProSpend and Parpera are set to revolutionize cross-border transactions for businesses. With the ability to issue co-branded or white-labeled digital debit cards, entrepreneurs and employers gain access to over 170 countries, enabling them to make purchases at the mid-market exchange rate and effectively manage their expenses.
Furthermore, the integration allows for the issuance of multi-currency accounts supporting more than 40 different currencies. Businesses can generate local and global account details in major currencies such as AUD, NZD, EUR, USD, GBP, and SGD with ease, simplifying their global expansion plans.
Daniel McCarthy, Commercial Lead, Asia Pacific at Wise Platform, said, “These new features are a significant step forward in our ability to support Australian-based Wise Platform partners and their customers in ways they’ve not experienced before. Traditional international banking solutions still don’t work well for businesses, and require them to use too many external tools from a range of providers to allow them to do what they need.”
McCarthy emphasized that the release of Wise Platform’s new features addresses the pain points faced by businesses, enabling them to expand and operate internationally without the burden of managing complex, multi-currency cash flow. He added, “Compliance smarts and practices can be a huge barrier to entry to midmarket and enterprise businesses looking to expand into international payments. Leveraging Wise’s API also means they’re able to tap into Wise’s modular components, including our security and verification engines if required; Wise Platform solutions aim to enable these businesses to expand on all fronts, compliantly.”
Highlighting Wise Platform’s extensive reach and partnerships, McCarthy mentioned, “Wise Platform is live with over 60 banks and non-banks globally in over 18 countries, including Deel, Monzo, Up, Bank Mandiri, Google Pay, Bunq, ZA Bank, Tiger Brokers, and Xero to name a few. This extension of the Platform offering aims to further support partners in effortlessly managing their finances.”
Sharon Nouh, CEO at ProSpend, expressed excitement about the partnership with Wise Platform, saying, “We are delighted to be partnering with Wise Platform as our fully integrated payment partner. The partnership aligns with our vision of delivering one hyper-automated spend platform. Combining our platform that helps businesses manage their business expenses, their account payables, and purchases with budget controls with Wise’s market-leading global payments technology, delivers this vision.”
Nouh highlighted the benefits of integrating Wise’s payments infrastructure into ProSpend’s platform, allowing customers to run their entire company cards program within the same system used for other services. Nouh added, “We are excited to continue to work with Wise to innovate and improve the payment and spend management process for our mutual clients.”
Daniel Cannizzaro, CEO at Parpera, said, “We’re thrilled to partner with Wise to leverage its market-leading global payment infrastructure to enable our Australian relaunch.” Cannizzaro highlighted the initial benefits that Wise Platform brings to Parpera, such as providing Australian sole traders and small business owners access to a Business Account, Business Debit card, and in-app payments. He also mentioned the future expansion of their offering to include multi-currency wallets and cross-border payments, unlocking greater value for businesses on the Parpera platform. Cannizzaro noted, “Additionally, Wise serves as a strong and trusted partner to enable Parpera’s proposition in Australia and its future expansion to new markets.”
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