Carta provides debit capabilities for Transferwise borderless account

In Featured, Press Releases by Jay Welch

TORONTO, FEBRUARY 20, 2018—International money transfer company TransferWise has begun rollout of its borderless account in the UK and Europe. The borderless account will be the first platform to offer true multi-country banking accessible to all. Carta Worldwide supplies debit capabilities for theses web-based accounts—enabling users to spend money at points-of-sale around the world using a debit Mastercard.

The e-money account gives customers local bank details for the UK, US, Australia and EU—and lets them hold and convert up to 28 different currencies. It’s like having a local bank account in multiple countries, without needing to set foot in them.

TransferWise originally launched the borderless account in 2017 without a debit card, for business customers only. Now, with the TransferWise debit Mastercard, users can spend funds like a local, instantly.

The account is designed for modern professionals and remote workers who live and work between countries. Recognizing that traditional banking hasn’t kept up with human mobility, TransferWise created a product that suits the lifestyle of individuals freelancing for clients overseas, studying abroad, keeping a second home in another country, or regularly traveling and living abroad for work. The borderless account means you can spend between countries, getting the real Reuters exchange rate, without the hidden fees and markups associated with traditional banking.

According to Carta Chief Commercial Officer, Giles Sutherland: “This product is right in line with TransferWise’s mission and reputation—to make international banking simple and accessible for everyone. Adding a debit card carries on their tradition of consumer-focused products that just make life easier. We were thrilled to partner with them on this leading-edge product.”

As a greater portion of the population embraces remote work or the “gig economy,” Sutherland sees a greater demand for flexible banking products, and Carta exists to enable them.

About Carta Worldwide
Carta is an award-winning leader in digital transaction processing and enablement technologies, delivering new and innovative financial products for the digital world. Carta empowers banks, MNOs, OEMs, merchants and others to enable existing cardholder accounts or issue new financial products for proximity and cloud-based transactions quickly and easily.

Carta is the only platform in the world that offers end-to-end issuance, processing and enablement for digital accounts, including tokenization, digital credential management and provisioning. Carta simplifies payments, delivering fastest time to market, agile product development, and lowest total cost of ownership.

About TransferWise
TransferWise is a new kind of financial company for people and businesses that travel, live and work internationally. It’s the fairest, easiest way to manage your money across borders. With a simple money transfer platform and borderless accounts, it makes managing your money quick, easy and painless.

Co-founded by Taavet Hinrikus and Kristo Käärmann, TransferWise launched in 2011. It is one of the world’s most successful fintech startups having raised $397m from investors such as IVP, Old Mutual, Andreessen Horowitz, Sir Richard Branson, Valar Ventures and Max Levchin of PayPal.

Two million people use TransferWise to transfer over £1.5 billion every month, saving themselves over £2 million every day.

Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The Card is issued by Wirecard Card Solutions Ltd (“WDCS”) pursuant to license by Mastercard International Inc. WDCS is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051)