Swift and Wise Partner to Expand Cross-Border Payment Options Globally

Swift, the world's leading provider of secure financial messaging services, and Wise, a global technology company, announced Monday (September 18) an innovative collaboration to increase cross-border payment options for financial institutions and their customers, enabling payments sent securely via Swift to complete seamlessly 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 view across both networks.

Steve Naudé, Managing Director of Wise Platform, 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."

Thierry Chilosi, Chief Strategy Officer at Swift, said: "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."