Business
APRA gives TransferWise a restricted banking licence – The Australian Financial Review
The ‘purchased payment facilities’ licence will allow the London-based unicorn competing with major banks on forex to connect to the real-time payments system.
TransferWise has effectively built a lower-cost alternative to the SWIFT rails that major banks use to message each other about cross-border payments.
“By becoming independent and cutting out the middle man, well be able to save our customers even more money and time in the process,” said TransferWise Australia country manager Tim Cameron.
TransferWise launched a borderless transaction card before the pandemic for travellers. During COVID-19 it has been focused on e-commerce for merchants selling…
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