Morgan Stanley (NYSE:MS) has decided to partner with Wise (LSE:WISE) to improve international transfers. Wise is a UK-based Fintech or neobank that started as a low-cost provider of payments and transfers and now offers additional banking features. Morgan Stanley is a prominent investment bank and broker-dealer.
Morgan Stanley says it will offer clients high-speed cross-border settlements through the Wise Platform, The integration is said to make Morgan Stanley the first investment bank to enable corporate payment capabilities on Wise Platform.
Steve Naudé, Managing Director of Wise Platform, said the partnership is a significant milestone in working with global banks choosing to power their cross-border payments through Wise.
“Morgan Stanley has a strong and clear payments vision for the experiences and solutions they want to offer their customers, and we’re thrilled to be working with them to enable their corporate payment capabilities and bring fast, cost-effective, transparent and easy payments to Morgan Stanley’s clients.”
Samer Oweida, Global Head of Foreign Exchange and Emerging Markets at Morgan Stanley, said Wise will now provide the banking industry’s fastest and most cost-effective payment capabilities.
Wise holds 65+ licenses and six direct connections to payment systems; 63 percent of Wise’s cross-border payments are completed instantly.
