#fintech: Transferwise steps up assault on banks

Transferwise is best known for its aggressive adverts bashing banks for over-charging customers to move money across borders. But even the most radical disruptors are sometimes forced to do a deal with the devil to achieve what they want.

So Transferwise had to team up with a traditional lender – in this case Raphaels Bank, one of the UK’s oldest private banks – to become the first fintech group to gain access to the country’s Faster Payments Service since the real-time payment system’s launch in 2008.