TransferWise is rebranding itself to “Wise”, to reflect the expansion of its service offerings beyond simple payment transfers between people.

Originally launched in 2011 as a money transfer service, the company has expanded to build a cross-border payments network helping to make international banking “cheaper and faster” for 10 million personal and business customers.

The company now processes £4.5 billion in cross-border transactions every month, with customers reportedly saving themselves a total of around £1 billion a year when compared to making the same transactions with their bank.

Wise offers three products, including the Wise bank account to support money transfers in 55 currencies and with 1.4 million debit cards issued around it.

There is also the Wise Business account - that 150,000 firms have joined in the last 12 months - and the Wise Platform that is used by the likes of Monzo, GoCardless and Xero to offer their services.

Kristo Käärmann, chief executive and co-founder of Wise, said: “We’ve evolved to fix more than just money transfer, but the core experience of using Wise will remain faster, cheaper and more convenient than anything else.”

The final switch-over for all customers to the Wise brand will take place in March 2021.

Last December, Pockit formed a new partnership with TransferWise to improve its international money transfer services for customers.

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