U.K.'s Wise to join the New Payments Platform in Australia

Digital money transfer group Wise Plc will join an Australian payments network which should allow transfers to be settled in the country faster and at lower cost, Chief Executive Officer Kristo Kaarmann said on Friday.

The company will become a direct participant and shareholder in Australia’s New Payments Platform (NPP), Kaarmann said.

Wise said that joining the NPP will allow it to lower its average price of money transfers in or out of Australia by bypassing middlemen to clear and settle real-time payments instantly.

Kaarmann did not say how much lower its rates would be after joining the NPP. It charges about 0.56% on its Australian transfers currently, the company said.

That compares with the average 5% to 6% the country’s major banks charge, according to Wise’s calculations.

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Source: U.K.’s Wise to join the New Payments Platform in Australia