Kristo Kaarmann, chief executive officer of Wise Plc, a digital money transfer group said, the company is going to join a payments network of Australia, that will possibly allow the transfers for being settled in the country faster and also at the lower cost, and the company is also going to become a direct participant and shareholder in the New Payments Platform (NPP) of Australia.
The company ‘Wise Plc’ said, by joining the NPP, will be allowing them to decrease the average price of the money transfers in or out of the country of Australia by bypassing the middlemen for clearing and settling the real-time payments instantly, and Kristo Kaarmann does not said that, how much lower the rates of the company are going to be after joining the NPP of Australia.
The company said, it generally charges 0.56 percent on the company’s transfers of Australia currently, and this also compares with the average of 5 percent to 6 percent of the charges of major banks.
The company has been regulated in the United Kingdom, Singapore, the United States and now Australia, where the company is also holding a banking license, but in several of the more than 80 countries, where the company has been offering the remittances, Wise has also been partnered with the banks for holding the deposits, that generally increases the prices and costs.
Kristo Kaarmann also said, their average cost has already been cheaper than the banks, and they are now wanting to get as close to zero as possible in the terms of the cost.