Swift and Wise (LSE:WISE) says they will increase cross-border payment options for financial institutions and their customers, enabling payments sent via Swift to be completed 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 visibility 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 in order “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.”
Wise’s global payments network enables “over 57% of customers’ cross-border payments to settle instantly (in under 20 seconds), and over 90% to settle in under an hour.”
By leveraging Wise Platform’s Correspondent Services solution, financial institutions only need to make one simple configuration change and their customers “will instantly benefit from faster, lower-cost and more convenient international payments.”
Swift provides infrastructure that interoperates seamlessly “across geographies, networks and technologies while neutrally supporting fiat or digital currencies.”
It supports an inclusive and sustainable global finance system, “securely interconnecting more than 11,500 institutions across more than 200 countries and territories to move the equivalent of world GDP roughly every three days.”
Through a strong focus on innovation, it consistently ” raises the bar on the cross-border experience with advanced capabilities that remove friction, accelerate speed, and increase security and transparency.”