Monzo and Transferwise Partner Up for International Payments
CBR reports on the partnership between Forex giant and Renovata client, Transferwise, with UK-based challenger bank, Monzo.
The app-based banking world is proving to be a crowded market, so partner-driven in-app functionality is a key way for these challenger brands to establish some clear margin ahead of competitors. By integrating with Transferwise, Monzo can claim demonstrable financial benefit, too.
Thanks to Transferwise, Monzo account holders will be able to make simple digital transfers into 16 major currencies at dramatically lower rates than those offered by high street competitors, and crucially, with transparency over fees before any transaction is made.
Monzo is clearly making integrations a key part of its growth strategy: CBR also notes that this week the bank announced a partnership with integration specialists, IFTTT.
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