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.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
