APRA gives TransferWise a restricted banking licence

One of Europe’s largest fintechs, TransferWise, will be able to connect directly into Australia’s real-time payments system and further reduce foreign exchange fees, after the prudential regulator awarded it a restricted banking licence on Monday.

The Australian Prudential Regulation Authority said the London-based foreign exchange disrupter had been granted a licence to provide a purchased payment facility as a limited “authorised deposit taking institution”.

TransferWise plans to connect straight into the “new payments platform”, reducing its wholesale banking costs, while offering a smoother customer experience and more control over its technical integrations.

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Source: APRA gives TransferWise a restricted banking licence