Qonto partners with Wise Platform to streamline international transfers

Qonto unveils a new strategic partnership and a new payment functionality for its customers. The fintech's aim is to make international trade more fluid, by enabling SMEs to benefit from a cross-border payment solution. With this partnership, Qonto ends a busy first half-year in terms of announcements and innovation, bringing the fintech even closer to profitability.

FACTS

• The French unicorn has unveiled two new products to complement the payment solutions available to its customers.
• The first new feature is the result of a partnership with Wise Platform, Wise's structure enabling fintechs, banks and other payment players to integrate cross-border payments into their infrastructures. Qonto customers will benefit from
• Access to a greater number of countries. Thanks to the partnership, Qonto increases its reach from 58 to 130 countries accessible for sending a payment. In addition, Wise has the capacity to process exchanges in 24 different currencies.
• A tenfold increase in payment speed. Wise reports that 95% of its transfers are completed in less than a day, and 60% are settled instantly, i.e. in less than 20 seconds.
• Lower costs. For currency conversion, Wise uses the average market exchange rate to stabilize costs.
• The second element unveiled by Qonto is the arrival of SEPA Direct Debit (SDD). Companies will be able to set up one-off or recurring direct debits in the 36 countries and territories of the SEPA zone.
• SDD functionality will arrive in July, and will be accessible on the Qonto account either directly or via EBICS integration.

CHALLENGES

• Improving the customer experience in international transfers: Wise Plateform offers clear tracking of payments made. This will make it easier for customers to track payments sent abroad. Qonto believes this is important for professionals who have to manage supplier payments abroad, for example, as well as for customers with expansion ambitions.
• Simplifying day-to-day banking for SMEs: The addition of SDD to the range of payment methods on offer is designed to optimize Qonto customers' finances. This tool will enable them to limit the risk of non-payment by taking direct control of payments due from their own customers. SMEs will therefore have greater control over their finances, helping to limit the risk of cash shortages due to unpaid invoices.

MARKET PERSPECTIVE

• Qonto rounds off the first half of 2024 with a new partnership that complements its functionalities for SMEs. In March, the fintech finalized the acquisition of Régate, with a view to forging closer ties with chartered accountants. This strategy was reinforced a few weeks ago with the launch of Qonto Embed, designed to enable accounting firms to easily integrate new functionalities into their platforms.