Deposits and withdrawals have always been a hassle for brokers。Using traditional channels such as credit / debit cards or bank transfers, which typically take hours or days and are associated with high fees, the only solution is fintech。

IBKR, a well-known company in the field of electronic trading platforms, partnered with Wise earlier this year to provide customers with a new payment method to inject capital into their accounts.。With "Pay with Wise," deposits can supposedly be made in seconds with minimal fees。

Wise Simplifies Financing

"The IBKR team seeks to provide customers with account funding in more local currencies to better participate in global markets, diversify investments, and enhance protection against local economic uncertainty - all on IBKR's single, unified platform," said Steve Naude, head of Wise Platform.。

"This is where the Wise platform comes in.。The Wise platform allows banks and businesses to leverage our global payments infrastructure and embed solutions that make it easier than ever for customers to send, receive and manage money internationally.。"

"Customers can make transfers directly from balances in linked Wise accounts, and they can also receive funds in their chosen currency within seconds, as more than 50% of all transfers sent globally through Wise are processed instantly (in less than 20 seconds)."。

In addition, the "Pay with Wise" option enables IBKR customers to convert their local currency to an IBKR-supported currency at true mid-market rates without having to leave the platform.。

"Together, these features help reduce transfer fees and shorten the time it takes IBKR customers to transfer funds between bank accounts and trading accounts," Naude added.。

Great changes in payment methods

However, IBKR is not the only brokerage platform to use Wise's simplified payment model.。Two Singapore-based stockbroking platforms, Tiger Brokers Singapore and Gotrade Singapore, also use Wise for "low-cost foreign currency trading."。

"Through Tiger Brokers, Singapore investors can seamlessly transfer funds from overseas bank accounts to Singapore dollars (SGD) in real time and execute trades on the Tiger Trade app in minutes.。Through the app, users can get real exchange rates and view charges up front, with no hidden fees, "Naude said.。

Similarly, Gotrade Singapore app users now have seamless access to Wise's convenient and low-cost international money transfers to fund their accounts.。"

Subversion of banking services

Wise was renamed by Transferwise in February 2021 and is known for offering low-cost foreign exchange transfers and multi-currency accounts.。The platform beat the banks by offering mid-market foreign exchange rates while charging a small fee per transaction。The company's customer base is also growing, with 6.7 million active customers as of the first quarter of 2023, up 33% year-over-year.。

Now, its work with brokers like IBKR suggests Wise is focused on disrupting banking services in another large industry.。

"Managing funds in multiple currencies is still a hassle for clients and international payments remain slow and expensive.。Enhancing global payment services within these platforms enables customers to make payments and withdrawals to their accounts faster, cheaper, more transparent, and in the currency that best suits them, "Naude said.。

"While it takes years and a lot of resources to build these networks from the ground up, working with companies like Wise has made it possible to quickly and efficiently deliver improved global payment options to customers."。The payments and investment industry is ideally suited to the common goal of making life easier for customers and helping them make the most of their money。"

"Speed, cost, convenience and transparency are critical to today's investment customers, and Wise believes in making seamless experiences the norm for everyone, everywhere."。International remittances have long been slow, expensive and frustrating。Clients deserve better, and we're excited to partner with these industry leaders to provide investors with fast, low-cost transfers with no exchange rate markups or hidden fees.。"

Prospects

According to the latest figures, Wise processed £28.2bn of transfers between April and June, creating a total of 2.400 million pounds in revenue。Due to the increase in active customers and the surge in interest income, its revenue also increased by 66% over the previous year to 3.1.1 billion pounds。

In addition, Wise's account balance has climbed to £11.5bn, with a total interest income yield of 3 in the first quarter of fiscal 2024..4%。

"We believe that through the integration with the investment trading platform, every customer in the world will have access to faster, cheaper and more transparent international payment solutions in the future, whether they are investing in stocks or sending money to family members overseas.。"