The upstart fintech claims it does so saving people and businesses $4.5 million per day.

What’s more, the TransferWise customer community is now 6 million strong. The fund transfer specialist aims to facilitate money transfers to foreign destinations at rates cheaper than banks.

The next agenda for the company is to effect remittances instantly.

The TransferWise blog

In a blog update, the fintech claims 15% of its payments were delivered instantly at the beginning of 2019. As of mid-December, that percentage has jumped to 24%.

The firm believes money transfers should be as instant as email.

That’s a huge challenge in countries where local payment systems are slow. Even here, the firm has brought down transfer times to less than an hour for 21% of customers in those countries.

On an overall basis, therefore, nearly half of TransferWise customers receive their money in less than one hour.

Better estimation of delivery times

Transferwise is also improving on the estimation of delivery times – the time it would take a money transfer to reach its final destination.

“Now 72% of our payments are delivered on time with accuracy, increasing to 85% as soon as we receive customer’s money,” it says.

TransferWise enters Visa and EQ Bank collaborations

Earlier this month, TransferWise entered into a partnership with Visa’s real-time push payments platform Visa Direct. It will soon be offering its customers a new capability to quickly and securely move money to debit cards in real-time, globally.

The service will launch in Spain initially, followed by Romania, Hungary, Czech Republic, and Bulgaria.

In 2020, the fintech aims to offer the service globally.

Mid-December, EQ Bank, the digital platform offered by Equitable Bank, Canada’s Challenger Bank integrated TransferWise’s API directly into its infrastructure. This integration allows EQ Bank customers to send money right from their Savings Plus Account at the real exchange rate, paying only a small, transparent TransferWise charge. EQ Bank customers will also now receive fast, international transfers.

Related Story:  British Fintech Transferwise Eyes U.S. Customers