Berlin-based cloud banking platform Mambu has plugged into TransferWise’s API infrastructure to offer quick international money transfers at the real exchange rate.
The ‘TransferWise for Banks’ is said to be a cheaper way for financial institutions to allow their customers to make overseas money transfers.
Customers can now tap into TransferWise’s technology using Mambu’s banking platform and send or receive money across the globe.
Prior to the latest integration, TransferWise partnered with Monzo in the UK, N26, Bunq and LHV in Europe, Stanford FCU and Novo in the US and UP in Australia.
TransferWise co-founder and CEO Kristo Käärmann said: “Integrating TransferWise for Banks with Mambu is another major step towards our vision of establishing a new global payments infrastructure for banks around the world, and bringing our low cost, transparent service to anyone who needs it.
“Mambu is a game-changer in a market that seeks modern solutions to the problems faced by traditional banks.”
Mambu leverages its cloud banking platform to allow financial institutions to build new banking and lending solutions.
Its client base includes ABN AMRO’s New10, Santander’s Asto, N26 and OakNorth.
The platform offers current accounts, loans, deposits, mortgages and other financial products and supports the integration of third-party services.
Mambu CTO Ben Goldin said: “TransferWise has revolutionised how money is moved across borders.
“We aim to offer best-in-class banking services through our cloud platform and are pleased that international banking is no longer of any concern for our customers.”