Swift and Wise today announced an innovative collaboration to increase cross-border payment options for financial institutions and their customers, enabling payments sent securely via Swift to complete seamlessly over Wise with end-to-end transparency.
Financial institutions seeking to innovate their offerings will be able to route Swift payment messages directly to Wise Platform – Wise’s infrastructure solution for banks and major enterprises — through its latest Correspondent Services solution. This will enable their 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.
Wise Platform will harness advanced Swift capabilities to power its service, including cloud and API connectivity and Payment Pre-validation and will continue to offer banks all the hallmark features of Swift GPI, including a payment status tracker which Wise Platform will update to ensure end-to-end view across both networks.
The collaboration, announced in Toronto at the annual Sibos conference, is the start of a broader relationship, and comes as increased innovation and fragmentation in the financial ecosystem is creating more ways for money to move — and more consumer demand for choice. It reflects the importance of new forms of collaboration to provide optionality, while maintaining secure, reliable and inclusive connectivity. And it is directly aligned with both G20 and UN Sustainable Development goals on the speed, transparency, cost and access of cross-border transactions.
Swift And Wise Team Up
Posted in Commentary with tags Swift, Wise on September 18, 2023 by itnerdSwift and Wise today announced an innovative collaboration to increase cross-border payment options for financial institutions and their customers, enabling payments sent securely via Swift to complete seamlessly over Wise with end-to-end transparency.
Financial institutions seeking to innovate their offerings will be able to route Swift payment messages directly to Wise Platform – Wise’s infrastructure solution for banks and major enterprises — through its latest Correspondent Services solution. This will enable their 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.
Wise Platform will harness advanced Swift capabilities to power its service, including cloud and API connectivity and Payment Pre-validation and will continue to offer banks all the hallmark features of Swift GPI, including a payment status tracker which Wise Platform will update to ensure end-to-end view across both networks.
The collaboration, announced in Toronto at the annual Sibos conference, is the start of a broader relationship, and comes as increased innovation and fragmentation in the financial ecosystem is creating more ways for money to move — and more consumer demand for choice. It reflects the importance of new forms of collaboration to provide optionality, while maintaining secure, reliable and inclusive connectivity. And it is directly aligned with both G20 and UN Sustainable Development goals on the speed, transparency, cost and access of cross-border transactions.
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