- Sable, which helps customers struggling with financial services due to poor credit histories, will work with the international money transfer firm Wise as part of a new push.
- The online money transfer service offered by the firms will be subject to a guarantee that Sable will cover the difference if an eligible customer finds a better rate elsewhere.
- “Our new joint offering gives Sable customers access to a more convenient way to send money abroad, cheaper and faster through our leading digital experience,” said a senior figure at Wise.
Sable and Wise, two financial technology companies, have announced a new scheme designed to help people around the world gain access to financial services.
Sable, which is a globally operating fintech company, specialises in helping customers who do not have a strong credit history.
Wise can help bring down the time costs associated with online money transfers, with over a third of the company’s transfers arriving instantly.
Eligible Sable customers who use the new service will be offered transparent and clear pricing structures.
If customers find a better rate elsewhere, Sable will cover the difference.
Transfer costs will be based on the mid-market exchange rate, the companies said.
In a press statement, a senior figure at Sable said that the capacity for better international money transfers to be made through the new service would be “game changing”.
Naveen Qureshi, a co-founder of Sable, added that the firm felt that “quality banking products” ought to be an industry standard.
“Access to quality banking products should be an industry standard, no matter where you come from or your financial past,” she said.
“This new offering is game changing and ensures Sable has the best rates at some of the quickest times in the market”.
She added that she used the service for her own personal finances.
“As an immigrant and Wise user myself, I know firsthand the importance of quickly sending and receiving money from abroad,” she said.
“Our customers can continue to trust Sable to meet all their financial needs, including our latest international money transfer offering.”
Ryan Zagone, the head of Americas at Wise, emphasised that the company offers a “leading digital experience”.
“Our new joint offering gives Sable customers access to a more convenient way to send money abroad, cheaper and faster through our leading digital experience,” he said.
He also argued that the move was happening as part of a wider context of digitalisation for financial services companies.
“As banks double down on digital, it’s important they have differentiated offerings that provide a modern approach to global payments. Wise is enabling Sable to meet market demands and provide their customers with seamless digital solutions.”
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