Payments FinTech Wise (formerly Transferwise) is partnering with core banking technology firm Thought Machine to allow banks and FS firms to carry out faster international transfers.

The tie up will see Thought Machine’s core banking engine, Vault, integrated into Wise’s international payments platform.

The two companies have combined their technologies and built an integration layer that reduces the developer effort needed for financial institutions to plug into Wise’s API by up to 60 per cent, enabling these institutions to focus on building a faster, more convenient user experience at a lower cost.

It allows financial institutions using Thought Machine’s core to ensure interoperability across systems and accelerate implementation of Wise’s technology, the companies said.

Founded in 2014 by former Google engineer Paul Taylor, Thought Machine’s names Lloyds Banking Group, Standard Chartered, Atom bank, Monese, Curve and SEB as customers of its core banking engine, Vault.

Paul Taylor, chief executive of Thought Machine, said: “The firms we choose to partner with are those that have built meaningful, ultra-reliable products that ultimately improve the banking experience for customers. We look forward to working with Wise to bring its industry-leading payments solution to many more financial institutions, and customers, around the world.”

The collaboration follows a period of rapid international expansion for Wise, which rebranded from Transferwise earlier this year.

The cross border payments company has partnerships with Monzo, N26, Bunq, LHV and BPCE in Europe, Stanford FCU and Novo in the United States, and UP in Australia.

Stuart Gregory, managing director of Wise Platform & Wise Business, said: “Though the internet has transformed much of the economy, the global banking system has lagged behind and moving money internationally has remained slow, difficult and expensive for most.

“Our mission is to change this 一 a goal we share with Thought Machine. 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.”

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