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- Wise has entered into a cross-border payment partnership with the global messaging platform, Swift.
- The partnership is set to avail more cross-border options for financial institutions and their customers.
Wise, a cross-border money transfer firm, has entered into a cross-border payment partnership with the global messaging platform, Swift. The collaboration, which was announced on 18th September is set to avail more cross-border options for financial institutions and their customers.
Wise-Swift partnership
With regard to the aforementioned collaboration, Wise Platform intends to tap into Swift's capabilities including its API and cloud connectivity as well as payment pre-validation. At the same time, it will offer banks Swift’s existing features such as a payment status tracker. With this feature in particular, Wise Platform is set to update it to ensure end-to-end visibility on both Swift and Wise.
As stated in a news release, “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”.
G20’s cross-border payments goal
The two companies in question have indicated that the partnership is the start of an even bigger relationship. They view it as a move aligned with the UN and G20’s development goals. This is in regard to the cost, access, speed, and transparency of cross-border transactions.
The announcement comes about a month after Swift indicated that it had made major progress in accomplishing goals set by G20 on improving cross-border payments. Indeed, it has significantly surpassed the set target in terms of speedier processing of international payments.
In particular, 89% of the transactions processed on its network reach the recipient bank within an hour. This is significantly speedier than Financial Stability Board’s target of 75% of international payments get to the recipient bank within one hour by 2027.
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