UniCredit becomes the first major European bank to implement Wise international payment functionality within its banking app, bringing transparent and competitive pricing along with a streamlined user experience.
Italian UniCredit bank has partnered with an international money transfer firm, Wise, to power fast and seamless euro-to-foreign currency transfers.
The service first launhhes in italy on July, 21. It will cover transfers to countries like the UK, India, Switzerland, Hong Kong, and Singapore. More regions and currenies will be added later as the service gradually expands.
International transfers, integrated directly within the UniCredit mobile banking app, promise to offer the same speed and simplicity as domestic payments. In most cases, funds should reach the recipient within seconds.
Raphael Barisaac, Global Head of Payments & Cash Management at UniCredit, said the goal of the partnership is to make international payments faster, simpler, and more transparent, less like legacy banking services and more similar to how fintechs operate. He explained that customers want affordable, easy-to-use solutions, even for complex services like international transfers, and this new offering was designed to meet those expectations.
Steve Naudé, Global Managing Director at Wise Platform, added that the partnership was an important step for the many individuals and businesses that depend on UniCredit. He noted that both companies share a strong focus on customer needs and aim to deliver a faster and more seamless experience for cross-border payments.
Earlier, UniCredit has implemented other initiatives to facilitate cross-border payments, like built-in currency conversion for sending and receiving payments in over 120 currencies through its UC PayFX platform. Businesses can also access advanced tools for managing foreign exchange and tracking transactions in real time via the UC PayFX Webservice.
The integration addresses some of the main pain points of cross-border payments: slowness, fragmented infrastructure, and hidden fees.
