Swift partners with Wise

Financial messaging system Swift has partnered with Wise aiming to expand cross-border payment options for financial institutions globally

Financial messaging system Swift has partnered with Wise aiming to expand cross-border payment options for financial institutions globally. Through this collaboration, financial institutions aiming to improve their offerings can route Swift payment messages directly to Wise Platform, the company’s infrastructure solution for banks and major enterprises, through its latest Correspondent Services solution.

This will allow customers to benefit from the convenience and speed of Wise and the scale of Swift without the need to implement major changes to their systems. Wise Platform will leverage advanced Swift capabilities to enable its service, including cloud and API connectivity, as well as Payment Pre-validation. Moreover, the platform will continue to provide Swift GPI features, including a payment status tracker that will be updated to ensure end-to-end visibility across both networks.

More information about the partnership Swift and Wise’s collaboration is the start of a broader alliance and comes as a response to the increased innovation and fragmentation in the financial ecosystem. Furthermore, the partnership is directly aligned with both G20 and the United Nations Sustainable Development Goals on the speed, transparency, cost, and access of cross-border transactions. According to Wise’s officials, banks currently face several issues regarding the improvement of their international payment services, including the embedment of technology that is incompatible with legacy infrastructures. By concurrently leveraging existing payment architectures and optimising payouts using Wise’s global network, the company aims to enable banks to innovate effortlessly.

Through this partnership, Wise will combine its network with Swift’s reach and trackability, to make international payments more convenient, faster, and with lower costs for banks, without necessitating a major technological build. Wise’s global payments network allows over 57% of customers’ cross-border payments to settle instantly, and over 90% to settle in under an hour. Officials from Swift highlighted that the collaboration can be a foundation from which the industry improves cross-border payments and enhances the options available for customers globally. Swift’s latest developments As a global member-owned cooperative, Swift offers a platform for messaging and standards for communicating, as well as a range of products and services that facilitate access and integration, identification, analysis, and regulatory compliance. Recently, Broadbridge onboarded its first customers for Transaction and Screening Service and for Swift’s newly launched Securities View service.

Through this, financial companies and corporate treasuries can optimise sanctions compliance and transform their oversight and tracking of the securities lifecycle. Moreover, Swift started beta testing interlinking CBDC solutions with three central banks, while financial institutions experiment with the solution to explore further use cases. The company stated its commitment to develop a beta version after the first iteration of sandbox testing. Hong Kong Monetary Authority (HKMA) and the National Bank of Kazakhstan integrated the solution with their infrastructure for direct testing.

About Wise Wise is a global technology company, aiming to improve international money transfers. Currently, the company has multiple partners, including Monzo, Bolt, and GoCardless. At the beginning of September 2023, Saudi Awwal Bank (SAB) partnered with Wise to provide fast, secure, and cost-effective solutions for sending and receiving money internationally.

Through this collaboration, SAB’s objective is to fall in line with Saudi Vision 2030, the financial sector development programme. Also, the company aims to increase investment and support its strategy that focuses on providing advanced banking solutions. .

Sep 18, 2023 15:01
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