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Deal with Estonian LHV bank helps TransferWise challenge traditional banking industry

Transferwise is one of Estonia's handful of unicorns.
Transferwise is one of Estonia's handful of unicorns. Source: Transferwise

The money transfer company TransferWise has struck a deal with Estonian retail bank LHV that sees its international payment service integrated directly into the bank's smart-phone app.

“LHV will be the first bank in the world to include TransferWise's transparent money transfer service in its service portfolio and give its customers a chance to save on service charges,” said Taavet Hinrikus, co-founder of the UK-based TransferWise.

“This partnership is a significant milestone for us and shows the future of the whole financial technology sector,” he added.

According to Hinrikus, the API created for the joint solution allows the money transfer service to be integrated not just into mobile or online banks, but into all Internet apps and websites.

“For the future we foresee TransferWise offering its service through popular messaging apps, social networks and the increasingly popular eWallets,” Hinrikus said.

The TransferWise-LHV smart-phone app will be launched in early 2016. The service will be made available through the bank's internet banking platform soon after.

Editor: M. Oll

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