SUITLAND, Md. & NEW YORK--(BUSINESS WIRE)--Andrews Federal Credit Union (Andrews Federal) and Wise today announce a new digital remittance integration set to save money for members of the Armed Forces – especially those stationed overseas – directly through the convenience of their current Andrews Federal banking dashboard. Set to be live later this year, and powered by Wise, Andrews Federal members will no longer need to rely on costly legacy wire transfers and in-person transactions to send money cross-currency. With a few clicks, money can be received instantly with Wise’s payments infrastructure with a track record of moving 38% of its transfers instantly (in less than 20 seconds).
Independent research found that American consumers and small businesses were charged $16.3 billion in fees when sending or spending money abroad, with more than half ($8.7 billion) hidden in exchange rate markups. Of that, $301 million is lost by service members stationed overseas. Andrews Federal members will benefit from Wise’s competitive and transparent pricing, providing the real exchange rate with no hidden fees.
“Our members have high expectations for us to provide modern technology that improves their financial well-being,” said Ken Orgeron, CEO/President, Andrews Federal. “Our new alliance with Wise will provide members access to its proven global payments network and provide a popular service that is missing in today’s market.”
Andrews Federal is the first to leverage Wise’s API through the Q2 Innovation Studio, a digital banking platform and technology marketplace for tailored financial experiences. As consumers double down on digital, more are turning to outside solutions that meet their growing borderless lifestyle. The Wise Platform offers banks and businesses in over 10 markets an international payments system that can easily integrate into existing mobile applications and platforms to provide customers with heavily requested remittance services.
“Those abroad serving our country shouldn’t be subject to expensive legacy offerings to manage their money, instead, it’s critical they have reliable and affordable solutions to make global payments,” said Ryan Zagone, Head of Americas, Wise for Banks. “Andrews Federal’s commitment to digital remittances is uniquely positioning them as a leader in providing quality self service offerings and meeting growing consumer demands in the market.”
Andrews Federal remains committed to providing best-in-class banking services across the world to members of the Armed Forces. Recently, Andrews Federal was named the 2020 Distinguished Air Force and Army Credit Union of the Year. This collaboration further highlights the joint work of Wise and Andrews Federal in providing economical solutions to those serving outside the U.S.
In order to provide services to those stationed on military bases across the world, Wise recently debuted the ability for those serving abroad to access its payments platform. Through new compliance and regulatory protocols, anyone stationed abroad can now use their current APO address to send and receive transfers from abroad.
About Andrews Federal Credit Union
Initially founded in 1948, Andrews Federal has grown to serve more than 134,000 members in the District of Columbia, Maryland, Virginia, New Jersey, and Military installations in central Germany, Belgium, and the Netherlands. Follow Andrews Federal on Facebook and Instagram.
Wise is a global technology company, building the best way to move money around the world. With the Wise account people and businesses can hold 56 currencies, move money between countries and spend money abroad. Huge companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.
Co-founded by Taavet Hinrikus and Kristo Käärmann, Wise launched in 2011 under its original name TransferWise. It is one of the world’s fastest growing tech companies and is listed on the London Stock Exchange under the ticker, WISE.
10 million people and businesses use Wise, which processes over £5 billion in cross-border transactions every month, saving customers over £1 billion a year.
For more information on Wise Platform and capabilities, visit wise.com/us/business/api.