Wise’s partnership with Swift helps modernize X-border payments for FIs
- Wise and Swift joined forces to create Correspondent Services for faster, more affordable international money transfers.
- This partnership enables financial institutions and banks to enhance global payments without major system changes, simplifying adoption.
Recently, global money mover Wise and Swift announced a new Correspondent Services offering that will empower financial institutions to make sending money internationally faster, cheaper, and more convenient for their customers.
By combining the strengths of Swift’s global financial messaging network with Wise’s payments infrastructure, financial institutions and banks looking to enhance their international payments services can do so without needing to implement any major changes to their systems.
Joining me on the podcast is Steve Naudé, Head of Wise Platform at Wise. We discuss the integration between Swift and Wise and its impact on traditional banking’s pursuit of better customer experiences.
The big ideas
- Wise and Swift Collaboration: Wise and Swift have partnered to create a new Correspondent Services offering for international money transfers.
- Improved International Money Transfers: The collaboration aims to enhance the process of sending money internationally, making it faster, more affordable, and convenient for customers.
- Leveraging Swift’s Network: Wise will utilize Swift’s global financial messaging network, known for its extensive reach and reliability in the financial industry.
- Innovative Payments Infrastructure: Wise’s expertise in innovative payments infrastructure will be a key component in the new offering.
- No Major System Changes Required: Financial institutions and banks can benefit from this service without the need for significant changes to their existing systems, simplifying the adoption process.
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The following excerpts were edited for clarity.
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