Wise Platform Rolls out New SWIFT Receive Service

Wise Platform, Wise's infrastructure offer for banks and non-banks alike, has today announced the roll out of its new SWIFT Receive service, meaning customers from banks of all sizes can quickly, easily and affordably receive cross-border payments, even if their bank is not connected to SWIFT.

Today, many neobanks are not connected to SWIFT due to the time and resource it takes to get connected to the system, preventing their customers from reliably receiving money from overseas. With this new service, Wise will make it easier for these neobanks to connect, and enable their customers to efficiently and safely receive international payments through SWIFT using their existing account details.

The feature also enables financial institutions with an existing SWIFT setup to switch to Wise's service, and receive these incoming SWIFT payments more quickly, cheaply and conveniently.

The roll out expands the Wise Platform offer, which has long-provided its partners with a service that sends money affordably and quickly, by adding the ability for partners to receive money. The service is live with a European neobank.

Steve Naudé, Head of Product, Wise Platform, said: "Wise Platform's SWIFT Receive service benefits all banks, whether they're a centuries-old institution or a nascent neobank.

"Established banks have long been connected to SWIFT, but many newer banks are unable to commit the resources required to join it. This service helps both. It allows established banks to benefit from Wise Platform's speed and affordability, while it gives neobanks an easy route to enabling customers to receive money from abroad.

"The integration can be done in a matter of weeks and with minimal effort for our partners – we're hugely excited by its potential and what it means for customers."

Source: ffnews