Core Banking, Fintech

Bluevine and Wise Launch International Bill-Pay Solution for U.S. SMBs

Bluevine and Wise Launch International Bill-Pay Solution for U.S.

Wise, the global technology company building the best way to move money around the world, and Bluevine, the leading provider of small business banking solutions, today announced a partnership that leverages the power of Wise Platform to make international payments more convenient, simple and transparent for Bluevine’s customers in its all-in-one digital banking account.

Research found that 75% of SMBs are dissatisfied with cross-border payment solutions because fees are normally high and unpredictable. Traditional banks and other providers often hide fees in inflated exchange rates and offer confusing pricing structures, draining already tight profit margins for businesses. This also adds unnecessary complexity to the already busy lives of small business entrepreneurs.

Through this partnership, Bluevine customers can now start with eight currencies across 26 countries with highly competitive exchange rates and a transparent, low fee rate. Additional currencies and countries will be added soon. Customers won’t face hidden markups in the exchange rate or convoluted transaction fees. These international payments can be made with only a few easy clicks from the Bluevine account dashboard, ending the need to call or visit a physical branch for support.

This simple new, easy-to-use payment option is built on a powerful platform that is fully integrated with Bluevine customers’ bill pay and checking accounts. "It’s so easy and fast to send money to the UK from the dashboard,” said Michael Thwaite, Bluevine customer and co-founder of FoodDays, a digital platform that makes running school lunches easier for PTAs. “The payment arrived in the UK account within hours – it was like sending money to someone living next door.”

"We're thrilled to be partnering with Wise to provide our customers with a best-in-class solution for sending international payments," said Charles Amadon, SVP & General Manager of Bluevine Banking. "In speaking to customers it became clear that managing international payments was still a headache for too many. What they wanted from Bluevine was a simple solution that delivered on what matters most - speed, transparent pricing, and ease-of-use from within Online Banking. This integration unlocks these benefits and more, saving small business owners' time and allowing them to focus on growing their business."

Across the U.S., small and medium size businesses are becoming more international. They are increasingly hiring in other countries or working with global freelancers and contractors due to cost, resources and the ability to maintain a competitive edge. The global market also provides an opportunity for businesses to seek additional avenues of sourcing business materials that are necessary for everyday work.

“There is a fundamental shift in how small businesses operate today, and while they are becoming more international, the tools in today’s market only cater to domestic needs,” said Steve Naudé, Head of Wise Platform. “We’re proud to partner with Bluevine, a like-minded company, to bring in a new era of convenience and transparency for small business financial tools. Now these businesses can spend less time dealing with poor user experiences and worrying about hidden fees, and instead focus on running and growing their business internationally.”

With transfers powered by Wise, whose cross-border payments network delivers over 50% of transfers within 20 seconds, Bluevine customers can trust reliability and speed in their payments made. Wise Platform is embedded in over 60 banks and businesses across the world. Wise Platform allows other companies to leverage the power of Wise and embed the best way to send, receive, and manage money internationally into their existing infrastructure.

About Wise

Wise is a global technology company, building the best way to move money around the world. With the Wise account people and businesses can hold over 50 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.

Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise launched in 2011 under its original name TransferWise. It is one of the world’s fastest growing, profitable technology companies and is listed on the London Stock Exchange under the ticker, WISE.

16 million people and businesses use Wise globally, which processes around £9 billion in cross-border transactions every month, saving customers around £1.5 billion a year.

About Wise Platform

Over the last decade, Wise has built an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere.

Thanks to Wise Platform, large companies and banks can leverage Wise’s technology and embed the best way to send, receive, and manage money internationally into their existing infrastructure. With over 60 partners worldwide, Wise Platform saves banks and businesses time and money by allowing them to seamlessly bring fast, cheap, transparent and convenient cross-border payments to their customers.

About Bluevine

Bluevine provides small businesses with streamlined banking solutions built for them. Since launching in 2013, Bluevine’s innovative and intuitive products, including business checking, bill pay, and line of credit, have helped over 450,000 entrepreneurs save time and money so they can focus on what matters most: growing their business.

Bluevine is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 (Microsoft’s Venture Arm). Lines of credit are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member of FDIC. Banking Services provided by Coastal Community Bank, Member FDIC.

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