This will enable customers to benefit from the speed and convenience of Wise, and the breadth of Swift without needing to implement any major changes to their systems, says the release.
Financial institutions will now be able to route Swift payments messages directly to Wise through the latter’s correspondent services solution. Swift, which stands for the Society for Worldwide Interbank Financial Telecommunications, connects more than 11,500 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. Wise is a UK-based fintech payments platform that provides financial infrastructure for over 60 partners around the globe.
In a joint release dated Sept 19, both Wise and Swift note that this collaboration will help financial institutions provide a greater range of choice to their customers for cross-border payments. The Wise platform will use Swift’s capabilities to power its service, including its cloud and application programming interface (API) connectivity and payment pre-validation, and other hallmark features of Swift global payments innovation.
