Tranferwise announced the launch of Transferwise for Banks in the U.S., which allows customers of banks, credit unions and other financial institutions to make low cost international payments directly from their banking apps. 

Transferwise will be working with small business and freelance banking platform Novo and Stanford Federal Credit Union, which serves Stanford University, to allow their customers to send low cost money transfers abroad. 

"By plugging into our API, these two banks just became the fastest and cheapest to use in the U.S. for international payments," Kristo Kaarman, president and CEO of Transferwise said, in a company release. "In fact, people and businesses staying with traditional providers end up paying 5-10x more than customers of our partners, who can experience the low cost and convenience of TransferWise services without leaving their banking app."