TransferWise Enters the Corporate Payments Space

London-based international currency transfer platform, TransferWise has announced that it is getting into the corporate Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term space with the rollout of TransferWise for Business.

We’re excited to be able to offer SMEs a fairer, cheaper, faster alternative for international money transfer.

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With no sign-up costs or monthly fees, TransferWise for Business is a simple and cheap way to move money internationally by using its network of bank accounts around the world to transfer money between local accounts so that as little cash as possible crosses borders, making sending money abroad up to seven times cheaper compared to using a business bank account.

While the business solutions are new, TransferWise, which recently reported clearing £500 million a month in currency transfers, said that it has already transferred a total of more than $1.3 billion through the platform, which is geared towards SMEs.

Huge Market

TransferWise is confident that it can now tap into a potentially huge market. Nearly half of SMEs send or receive international money transfers at least once every six months.

Nilan Peiris, VP, growth, TransferWise, commented: "SMEs make up 99% of all UK businesses - they’re the engine of the UK economy. Despite the banks saying that they support these companies and their growth, the reality is that behind the scenes they’re happy to give SMEs a poor deal with hidden Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term rate charges. That just isn’t fair and we wanted to do something about it. We’re excited to be able to offer SMEs a fairer, cheaper, faster alternative for international money transfer."