- Firstbase and Wise have announced a partnership to bring money transfer services to more than 15,000 clients.
- The partnership will see the international payment provider Wise added to the Firstbase operating system platform.
- Users will be able to send more than 50 currencies worldwide at reduced exchange rates.
Firstbase and Wise have confirmed that they have partnered to bring an enhanced user experience to the Firstbase operating system (OS).
Firstbase offers an OS that allows companies to fully operate on one platform rather than having to use different services across multiple interfaces.
However, the company realized that a gap in its design was the ability to carry out international money transfers or conduct cross-border payments.
More than 90% of the companies served by Firstbase onboard a business banking product.
Around 80% of these clients are spread across more than 180 countries, with many relying on third-party companies to perform transfers and create accounts.
Here is where Wise, a global company that specializes in money transfers, stepped in and offered a solution to Firstbase.
Wise technology allows users to access and hold more than 50 different currencies, use the currency abroad seamlessly and move money worldwide.
Currently, Wise processes more than $8bn each month on behalf of over 13 million people worldwide.
Working in tandem with Firstbase, Wise has created a system that allows companies incorporated in the US to send money abroad with reduced exchange rates and fewer restrictions.
Companies that operate internationally often have to change business strategies due to the numerous limitations imposed by more archaic money transferring systems, such as those offered by banks.
Wise reported that of all the businesses that operate around the world, about half say that while they would like to expand internationally, the complexity of cross-border payments is a deterrent.
This alliance will allow businesses that have decided to incorporate in the US but are also headquartered in places such as the UK, India, Nigeria or Canada to operate in and expand to their desired markets.
Firstbase founder and chief executive officer Mark Milastsivy said that “the global reach of Firstbase companies means we need financial solutions that work across the world, and that’s exactly what Wise offers our platform”.
Please head over to our reviews pages for up-to-date information about the burgeoning partnership.
