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Home
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Best-in-class payment performance boosts the bottom-line for Wise


BEST-IN-CLASS PAYMENT PERFORMANCE BOOSTS THE BOTTOM-LINE FOR WISE

Dec 20, 2020

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Wise—formerly TransferWise—is one of the great fintech success stories, with
over nine million customers moving £4.5 billion across its platform every month.
Its commitment to transparency and value is breaking new ground and sparking a
revolution in the way people move money internationally.

Like Checkout.com, Wise is a disruptor intent on challenging the status quo. By
using Checkout.com’s innovative payments technology, it’s able to continually
innovate to deliver on its mission of creating a world of ‘money without
borders’ and bring lower costs and greater ease to its customers.


CUTTING THROUGH PAYMENT COMPLEXITY

As partners, Wise and Checkout.com share many of the same values — especially
the idea that banking is broken and overdue disruption. And by working together
they’re cutting through complexity and unleashing the full power of cross-border
payment.

“Our business is moving money globally,” says Aleksandr Povarov, Product Manager
at Wise. “It’s extremely complex, especially at scale. And the legacy platforms
and technologies powering payments are cumbersome, opaque, and expensive. So we
knew that if we were to create an entirely new underlying network we needed to
find a payment service provider that would allow us to cut through this
complexity.”

Checkout.com was a clear choice. “Checkout.com’s data-rich, modular payment
technology is perfect for an agile, global business like Wise,” says Povarov.
“It allows us to identify and implement the payment platform that we need in
order to find the right solution for our business and bring the best possible
experience to our customers. Whereas most other providers have a more rigid
approach to payments regardless of requirements.”


GETTING MAXIMUM VALUE FROM EVERY TRANSACTION

Wise operates in an industry where even the smallest operational improvements
greatly impact the customer experience and its bottom line. And with
Checkout.com unlocking data-driven insights at every step of the transaction
flow, Wise is getting the most revenue and value out of every transaction.

As Povarov explains: “Working with Checkout.com has allowed us to understand our
payment data better and turn it into actionable insights. Checkout.com allowed
us to increase our approval rates by a full percentage point. With over 9
million customers and billions in transactions a month, that extra 1% really
adds up and has a significant impact on our bottom-line.”

Checkout.com’s transparent approach to data also makes it easier for Wise to
understand the fees they pay and manage the way they charge customers.

“Data is key to our business,” says Povarov. “And Checkout.com allows us to see
our payments data at a more granular level than ever before. Having this
detailed view of the transactions flowing across our business is game-changing.
It’s allowing us to spot trends that we’ve never had visibility into before and
make better-informed decisions at speed to optimize our flows and ensure we’re
getting full value from every transaction.”



Checkout.com’s smart approach to reporting also allows Wise to optimize its
day-to-day processes. As Povarov explains, Wise has millions of payments flowing
through its platform every month. “Consolidating all our data and getting an
overview of all our payments in a single report was traditionally an arduous
task,” he says. “But Checkout.com has removed that pain by consolidating our
data for us and automatically providing the reports we need through an API. This
is a huge improvement on what came before because it allows us to get a
real-time view of our payment flows when we want them. And it saves our team
hours of manual effort each week because they’re not having to work through a
huge CSV file, allowing them to focus on more value-adding work.”

Wise has also seen its settlement times improve since working with Checkout.com
due to its global acquiring footprint. “We’re now able to manage our cash flow
better and use our resources more efficiently. Cash flow is a vital metric to
optimize and allow us to use our cash to innovate rather than pay for
operational inefficiency.”


LAUNCHING WISE’S GLOBAL ‘PAY TO CARD’ FEATURE

Wise partnered with Checkout.com to launch its global Pay to Card feature in
2020. It allows the sender to transfer money instantly to a recipient’s payment
card nearly anywhere in the world.

“Our business demands that money reaches the recipient as quickly as possible,”
explains Povarov. “For that, a global Pay to Card solution is unbeatable. We
know that cards are the preferred way for many of our customers to receive
transfers, and enabling instant payouts to cards makes it so much faster and
more convenient.”

Wise previously used local providers to power its Pay to Card processes but knew
that to efficiently scale it needed a global provider. And after studying the
market, Wise selected Checkout.com as the global payout provider that best
aligned with its ambitious growth plans.

“Checkout.com’s global footprint and transparent data were crucial for us,” says
Povarov. “Sending money abroad is a high volume, low margin business. The more
providers and custom connections you need to connect to local networks, the less
clarity you have over data, fees and interchange costs.

“Each market also has local scheme requirements, so we needed a solution to cut
through the complexities of international payment corridors. Checkout.com
offered us robust cross-border capabilities and helped to accelerate the pace of
our expansion. It integrates with our existing customer experience and unlocks
transfers to billions of cards worldwide through a single API. It’s a
game-changer not to need a different integration for every region.”


UNLOCKING GROWTH OPPORTUNITIES AT SCALE

In addition to using Checkout.com’s best-in-class payment technology to optimize
and scale the business, Wise also employs Checkout.com’s deep payment SaaS
payment processing expertise to work on various special projects and product
improvements. “We’re breaking new ground in our industry, so we value partners
who are also innovators,” says Povarov. “Checkout.com’s partnership is critical
in that.”

He points to the quality of communication as the key to the partnership’s
success:

“We’ve worked with Checkout.com on a wide range of projects, and their team has
always been proactive and keen to make payments an even bigger driver of growth
in our business. Our dedicated account management team has a deep understanding
of our requirements and they’re always able to unlock the expertise and
information we need quickly.”




CONNECTING THE FUTURE OF FINANCE

For the most progressive financial technology companies, payments performance,
customer experience, and the ability to scale faster are of paramount
importance.

“The old way of thinking about payments is purely transactional, where it’s just
about money coming in on the acquiring side,” says Povarov. “But if that’s all
you see, you’re missing so much of the potential value.

“You have to ask yourself, how can payments improve the customer experience?
What can we learn from the data? What’s the best way to move money? How can we
create more value when we make payments, as well as take them?

“Those that answer these questions, and think bigger about the role of payments
— like Wise and Checkout.com — will define the future of finance.”

Make your move to connected payments with the help of our advisors. Get in
touch.

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