TransferWise, the money transfer company valued at over $1 billion dollars, today became the first non-bank direct member of the UK’s Faster Payment Scheme.

The government program set a new policy in July 2017 with the intention to inject more innovation and fresh competition into the UK’s payment systems. The move should lower costs for TransferWise, which is currently transacting over $1.5 billion dollars per month.

In a statement today, Kristo Käärmann, CEO and co-founder at TransferWise, said:

Today is game changing for TransferWise and millions of our customers around the world. The Bank of England is giving tech companies the same rights to process payments as the retail banks – enabling us to cut out the middlemen and offer people a faster, cheaper service. I truly believe that money should move around the world as quickly and as cheaply as email, and this is a vital step on that journey.

TransferWise currently transfers over 300 currencies.

Read more at Finextra and the Financial Times