Swift has announced their collaboration with Wise to increase cross-border payment options for financial institutions and their customers.
In brief:
-Financial institutions will be able to route Swift payment messages directly to the Wise platform, through the fintech’s Correspondent Services Solution
-This move will allow Swift customers to use Wise through Swift without making major system changes.
-The Wise Platform will use Swift capabilities such as cloud and API connectivity and Payment Pre-validation
What does this mean?
The announcement was made at the Sibos conference in Toronto. Steve Naudé, managing director of Wise Platform, said: "We know that banks face a number of challenges when it comes to enhancing their international payments, including that this often requires them to embed technology which is incompatible with legacy infrastructure. By simultaneously leveraging existing payments architecture and optimising payouts using Wise's global network, we are empowering banks to innovate effortlessly. 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.”
