Swift and Wise have announced collaboration aimed at expanding cross-border payment choices for financial institutions and their customers. This strategic partnership will facilitate secure payments sent through the Swift network to flow seamlessly through Wise, offering end-to-end transparency in the process.

Wise and Swift Collaboration Unveiled at Sibos Conference

Financial institutions looking to innovate their payment offerings will have the opportunity to route Swift payment messages directly to Wise Platform. Wise Platform, Wise's infrastructure solution designed for banks and major enterprises, will serve as the conduit for these payments.

Through its correspondent services solution, banks and financial enterprises can now provide their customers with the speed and convenience of Wise's services while harnessing the extensive capabilities of Swift, all without the need for major system overhauls.

Wise Platform will leverage advanced Swift capabilities, including cloud and API connectivity and Payment Pre-validation, to enhance its services. It will continue to offer banks access to Swift GPI's hallmark features, such as a payment status tracker. This tracker will be updated by Wise Platform, ensuring a comprehensive end-to-end view across both networks.

The collaboration, unveiled at the annual Sibos conference in Toronto, marks the beginning of a broader relationship. It comes at a time when increased innovation and fragmentation within the financial ecosystem are providing more avenues for the movement of funds, leading to heightened consumer demand for options.

Reshaping the Cross-Border Payments Landscape

This collaboration underscores the importance of innovative partnerships that offer choice while maintaining secure, reliable, and inclusive connectivity. It also aligns directly with the goals set by both the G20 and the United Nations Sustainable Development, particularly in areas of speed, transparency, cost, and accessibility of cross-border transactions.

Wise's global payments network boasts impressive statistics, with over 57% of cross-border payments for customers settling instantly, typically within 20 seconds. More than 90% of these payments are completed in under an hour. Leveraging Wise Platform's correspondent services solution, financial institutions can enhance their international payment offerings with a straightforward configuration change, ensuring their customers enjoy faster, more cost-effective, and more convenient transactions.

Swift provides an infrastructure that operates across geographies, networks, and technologies. It supports both fiat and digital currencies neutrally and plays a role in fostering a global financial system. Additionally, it securely interconnects more than 11,500 institutions across over 200 countries and territories, facilitating transactions equivalent to the world's GDP roughly every three days.

With a focus on innovation, Swift has improved the cross-border payment experience by offering advanced capabilities that reduce friction, accelerate transaction speeds, and enhance security and transparency.

The partnership between Swift and Wise promises to reshape the landscape of cross-border payments, providing financial institutions and their customers with a more efficient, flexible, and transparent experience. As the collaboration evolves, it will contribute to the ongoing transformation of the global payments ecosystem.

Interactive Brokers and Wise Revolutionize Client Deposits

Finance Magnates reported in August 2023 that Interactive Brokers (IBKR) had partnered with Wise to introduce "Pay with Wise," offering clients faster and cost-effective deposit options. This collaboration enables IBKR clients to fund their accounts using various local currencies, enhancing their participation in global markets and protecting against economic uncertainty.

Wise Platform simplifies international money transfers, with over 50% of global Wise transfers being instant. Clients can convert their local currency to an IBKR-supported currency at the mid-market exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term rate without leaving the platform. This partnership aims to reduce transfer fees and expedite fund transfers, streamlining the customer experience.

Wise, known for its low-cost forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term transfers and multi-currency accounts, has seen significant growth this year, with 6.7 million active customers in Q1 2023. This collaboration reflects Wise's mission to disrupt traditional banking services, offering customers faster, more affordable, and transparent transactions.