Swift and Wise, two leading players in the financial space, have unveiled a groundbreaking partnership to redefine cross-border payment solutions. While Swift has long established itself as a vital infrastructure for global financial transactions, Wise is celebrated for its advanced cross-border payments network.
The core objective of this collaboration is to augment cross-border payment options available to financial institutions and their patrons. By uniting, they hope to fuse the security of Swift with Wise’s end-to-end transparency, offering customers the best of both worlds.
Swift provides unparalleled infrastructure that fluently interoperates across geographies, technologies, and networks. It supports both fiat and digital currencies, ensuring an inclusive and sustainable global finance system. With its connection to over 11,500 institutions across 200+ countries, Swift shifts the equivalent of the world’s GDP approximately every three days. Through continual innovation, it enhances the cross-border experience by removing obstacles, expediting processes, and fortifying security and transparency.
Wise has been at the forefront of creating the optimal way to move money globally. Over the past ten years, it has developed a unique cross-border payments network. The Wise Platform allows sizeable enterprises and banks to harness Wise’s technological prowess. This platform supports over 70 partners worldwide, which include some of the globe’s most prominent banks, neobanks, and business tool providers like Bank Mandiri, IndusInd, Monzo, Google Pay, and Brex.
Financial institutions eager to innovate can now channel Swift payment messages directly to the Wise Platform, Wise’s infrastructure solution. This move negates the need for significant system overhauls, letting customers reap the advantages of both Swift and Wise. Wise will also integrate advanced Swift features into its platform, ensuring seamless visibility across both networks.
Announced in Toronto at the annual Sibos conference, this collaboration is only the beginning of a more extensive relationship. This partnership emerges during a time of heightened innovation and fragmentation in the finance ecosystem, fulfilling increased consumer demand for choice. It also resonates with G20 and UN Sustainable Development goals concerning speed, transparency, and accessibility of cross-border transactions.
Wise Platform Managing Director Steve Naudé 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.”
Chief Strategy Officer at Swift Thierry Chilosi remarked, “Swift has built an infrastructure that connects the world, that is trusted and relied upon every day. Our collaboration with Wise illustrates how Swift can be the bedrock from which the whole industry can innovate to improve cross-border payments and enhance the options available for customers across the globe. Cooperation such as this will be vital in our collective efforts to achieve the G20 targets for cross-border payments and enable the seamless, efficient and secure movement of value around a fragmented world.”
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