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Qonto taps Wise to enhance cross-border payment experience

By Gloria Methri

July 01, 2024

  • Business Banking Solution
  • Business Finance Solutions
  • Cross Border Payments

Wise, Wise Platform, Qonto, Cross Border Payments, SME Payments, FinTech, UKQonto, the European business finance solution for SMEs and freelancers, has announced two new features to offer better business banking solutions to its customers. The first is a new strategic partnership with Wise Platform to enhance Qonto’s cross-border payment capabilities further.

The second is the upcoming launch of the SEPA Direct Debit collection feature, which will enable Qonto customers to get paid on time and centralise all incoming payments in the app.

With the integration of Wise Platform, Qonto’s customers will now be able to pay their partners faster, in more countries, and with a more transparent and reliable platform. Key features of the integration include:

  • Facilitate international business: Customers will be able to expand their global reach by sending payments to more than 130 countries.
  • Faster payments: Over 60% of Wise’s transfers are settled instantly, and 95% are completed in under one day.
  • Enhanced visibility: Clear, accurate payment tracking will improve customers’ visibility over their international payments.
  • Low-cost: Customers will benefit from low-cost international transfers as Wise charges a transparent upfront fee and applies the mid-market exchange rate 1 with no hidden costs.

Going one step further, Qonto also announces its upcoming SDD collection function to enable clients to get paid easily and in real time. Starting in July, Qonto customers will be able to trigger SEPA Direct Debits directly in their Qonto accounts or through EBICS integration.

Theresa Gschwandtner, Head of Product Marketing at Qonto, said, “With the integration with Wise Platform and the upcoming launch of SDD collection, we’re significantly improving our existing payment offer for our customers. Additionally, this partnership allows Qonto to welcome new customers, enabling them to utilise our daily business banking services across multiple markets and currencies.”

Steve Naudé, Global Managing Director of Wise Platform, added, “We’re thrilled with this new step in our collaboration with Qonto to deliver a seamless international payment experience to SMEs and freelancers across Europe. In addition to leveraging Wise Platform to receive payments from abroad, Qonto’s customers can now benefit from the best-in-class experience to pay their partners all over the world and fulfil their international ambitions.”

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