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WISE
Case Study

Enhancing Cross-Border Money Transactions with WISE (Formerly TransferWise)

Written by
John Doe
Published on
22nd January 2021

Wise, a renowned fintech firm specialising in foreign currency transactions, has gained significant recognition for its quick, cost-effective, and transparent cross-border money transfers.

This case study explores how Wise successfully integrated BetterPay's Real-Time Settlement, Direct Payment APIs, and Refund API to enhance its operational payment processes, resulting in improved user experience and increased efficiency.

Company Background

Wise, formerly known as TransferWise, was founded in the UK in January 2011 by Estonian businessmen Kristo Käärmann and Taavet Hinrikus. The company quickly disrupted the foreign exchange sector by offering a customer-centric approach that eliminated excessive fees and hidden charges. With over 10 million customers worldwide and more than £70 billion in transfers to date, Wise has revolutionised the industry.

Integration Objectives

Wise recognized the need to streamline its operational payment processes to further enhance customer satisfaction.

By integrating BetterPay's Real-Time Settlement, Direct Payment APIs, and Refund API, Wise aimed to achieve the following objectives:

  • Improve the user experience during the checkout process.
  • Retain Wise's branding and control over the payment flows.
  • Enable near real-time payouts for refund requests.
  • Simplify and strengthen the payment integration process.

BetterPay's Solutions

BetterPay, a trusted provider of payment solutions, collaborated closely with Wise to integrate their operation payment process using BetterPay's powerful APIs. The key solutions provided by BetterPay were as follows:

  • Real-Time Settlement API
    BetterPay's Real-Time Settlement API allowed Wise to process cross-border transactions quickly and efficiently. This API facilitated the seamless transfer of funds, ensuring instant availability for the recipients, thereby reducing transaction time and enhancing customer satisfaction.
  • Direct Payment APIs
    To maintain full control over the checkout user experience, Wise leveraged BetterPay's Direct Payment APIs. This integration enabled Wise to retain its branding and customise the payment flows according to its unique requirements. By integrating these APIs, Wise ensured a consistent and familiar payment experience for its customers, reinforcing trust and brand loyalty.
  • Refund API
    BetterPay's Refund API played a crucial role in facilitating near real-time payouts for refund requests initiated by Wise customers. This API streamlined the refund process, reducing manual intervention and ensuring a seamless experience for users seeking refunds. By leveraging BetterPay's Refund API, Wise enhanced its customer service by providing swift resolution to refund requests, further boosting customer satisfaction.

Integration Process and Results

BetterPay worked closely with Wise to seamlessly integrate the payment process with their Mobile App and Website. The integration process involved close collaboration between the technical teams of both companies, ensuring smooth implementation and minimal disruption to Wise's existing infrastructure.

The results of the integration were highly favourable for Wise:

  • Enhanced User Experience
    By leveraging BetterPay's Direct Payment APIs, Wise improved the checkout user experience, ensuring a seamless and familiar payment flow. Customers could complete transactions efficiently, increasing overall satisfaction.
  • Strengthened Branding
    Retaining full control over the payment flows allowed Wise to showcase its branding consistently. This reinforced brand recognition and trust among customers, leading to increased loyalty.
  • Improved Refund Process
    BetterPay's Refund API enabled Wise to process refund requests in near real-time. This streamlined process minimised manual intervention, reducing the time and effort required to complete refund transactions.
  • Increased Efficiency
    By leveraging BetterPay's Real-Time Settlement API, Wise expedited cross-border transactions, resulting in faster fund availability for recipients. This increased efficiency reduced transaction time, leading to improved operational productivity.

Conclusion

Through the integration of BetterPay's Real-Time Settlement, Direct Payment APIs, and Refund API, Wise successfully enhanced its operational payment processes, resulting in improved user experience, strengthened branding, and increased efficiency. By collaborating closely with BetterPay, Wise continued to revolutionise the foreign exchange sector, solidifying its position as a leader in the fintech industry.

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