Banks can offer speed and convenience as Wise and Swift integrate cross-border payment networks
- Swift and Wise partner for streamlined cross-border payments, benefiting banks and their customers.
- The Wise Platform will utilize Swift's capabilities, including cloud and API connectivity, enhancing international payments for FIs with features like payment status tracking and end-to-end visibility.
Swift and Wise have partnered on a solution that leverages what each does best: combining the number of banks on the Swift international payments network with Wise's cross-border payment technology.
No more waiting for wires to clear: Swift member financial institutions can send payment messages through Wise without making major system changes. Lowering the technology hurdle is a big deal for banks facing challenges on multiple fronts in today's economy -- with this partnership banks can offer the remittance experience their customers are beginning to expect, without a large investment in time, money, and resources.
What's happening: The Wise Platform will use Swift capabilities like cloud and API connectivity and Payment Pre-validation, and will continue to offer banks Swift GPI features, including a payment status tracker which the Wise Platform will update to ensure end-to-end view across both networks.
"Our network, combined with Swift’s extensive reach and trackability, will make international payments more convenient, faster and lower cost for banks, without necessitating a major tech build,” said Steve Naudé, managing director of Wise Platform, at the Sibos conference this week.
Wise continues to build out it's platform: While the payments firm is best known for powering consumer payments, over the past few years, Wise has grown its B2B offering. For example, Wise for Banks, allows financial institutions to offer cross-border payments to their own customers. It claims it has over 70 financial institutions using its platform.