The bank will integrate Wise’s infrastructure through API.
It will allow SC Remit customers in Asia and the Middle East to send money in 21 currencies.
Wise (previously Transferwise), established to challenge big banks charging unnecessary fees for cross-border payments, has partnered with Standard Chartered to provide retail remittance services to the UK-headquartered bank’s customer base.
Standard Chartered Taps Wise
Announced today (Tuesday), Standard Chartered will integrate Wise’s infrastructure through the Wise Platform API over the coming quarters. The partnership will facilitate services to SC Remit customers, specifically those in Asia and the Middle East.
Bank customers will be able to send money in 21 currencies, including USD, CAD, EUR, GBP, SGD, HKD, and JPY, “in a matter of seconds.” According to its latest update, Wise facilitated 63 percent of its cross-border payments instantly in under 20 seconds.
“We chose to partner with Wise Platform due to their extensive currency coverage and the well-known cross-border payments experience they offer,” said Samir Subberwal, Global Head of Wealth Solutions, Deposits and Mortgages, and Chief Client Officer at Standard Chartered.
Disrupting Cross-Border Payments
Listed in London, Wise has established itself as one of the top retail remittance platforms globally. At the end of Q2 FY25, the number of active customers on the platform reached 8.9 million, primarily driven by recommendations from existing users. This growth in users also increased transaction volume by 20 percent, reaching £35.2 billion for the quarter.
Wise also managed to reduce fees. Its cross-border take rate decreased to 59 basis points, down 8 basis points from the same period last year. Wise attributed 6 basis points of this reduction to lower prices and 2 basis points to changes in its business mix.
“The partnership with Standard Chartered, one of the largest global banks, marks a significant milestone in financial institutions investing to improve international payment experiences for customers,” said Wise Platform’s Managing Director, Steve Naudé.
“With Wise Platform, Standard Chartered gains access to Wise’s global payments infrastructure, including our extensive licence network, six direct connections, payment operations expertise, and proven capabilities in treasury management. All these enable us to deliver fast, secure, and transparent payments around the world,” he concluded.
Wise (previously Transferwise), established to challenge big banks charging unnecessary fees for cross-border payments, has partnered with Standard Chartered to provide retail remittance services to the UK-headquartered bank’s customer base.
Standard Chartered Taps Wise
Announced today (Tuesday), Standard Chartered will integrate Wise’s infrastructure through the Wise Platform API over the coming quarters. The partnership will facilitate services to SC Remit customers, specifically those in Asia and the Middle East.
Bank customers will be able to send money in 21 currencies, including USD, CAD, EUR, GBP, SGD, HKD, and JPY, “in a matter of seconds.” According to its latest update, Wise facilitated 63 percent of its cross-border payments instantly in under 20 seconds.
“We chose to partner with Wise Platform due to their extensive currency coverage and the well-known cross-border payments experience they offer,” said Samir Subberwal, Global Head of Wealth Solutions, Deposits and Mortgages, and Chief Client Officer at Standard Chartered.
Disrupting Cross-Border Payments
Listed in London, Wise has established itself as one of the top retail remittance platforms globally. At the end of Q2 FY25, the number of active customers on the platform reached 8.9 million, primarily driven by recommendations from existing users. This growth in users also increased transaction volume by 20 percent, reaching £35.2 billion for the quarter.
Wise also managed to reduce fees. Its cross-border take rate decreased to 59 basis points, down 8 basis points from the same period last year. Wise attributed 6 basis points of this reduction to lower prices and 2 basis points to changes in its business mix.
“The partnership with Standard Chartered, one of the largest global banks, marks a significant milestone in financial institutions investing to improve international payment experiences for customers,” said Wise Platform’s Managing Director, Steve Naudé.
“With Wise Platform, Standard Chartered gains access to Wise’s global payments infrastructure, including our extensive licence network, six direct connections, payment operations expertise, and proven capabilities in treasury management. All these enable us to deliver fast, secure, and transparent payments around the world,” he concluded.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
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