Wise Platform, a payment infrastructure service owned by London-based fintech company, Wise, launched International Receive on Monday.
International Receive, according to Wise, is a solution designed to enable neobanks not connected to the SWIFT network to offer cross-border payment remittance service to their customers.
Wise said the new service has gone live with a European neobank after what it described as a quick integration.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a banking system through which banks share messages about financial transactions before processing them.
“The [SWIFT] network carries over 5 billion financial messages per year, and is used by major financial institutions to support cross-border transactions,” Wise said.
The fintech company further explained that rather than connecting with the SWIFT network themselves, neobanks and even the established ones can now use the company’s payments infrastructure to connect to SWIFT to power international payments for their customers.
Wise pointed out that “it can be more difficult for smaller neobanks, in particular, to get connected to SWIFT due to the extensive paperwork a formal application process requires, which can take up significant time and resources.”
‘An Easy Route’
Meanwhile, Steve Naudé, the Head of Product at Wise Platform, noted that the new payments offering is beneficial to both established and starter neobanks alike.
“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,” Naudé said.
He added: “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.”
Earlier in the year, Wise, which recorded a 51% year-on-year growth in its revenue during the first quarter of its fiscal year of 2023, partnered with Israeli payments firm, Max.
The London-based company said the partnership is geared at opening up Max’s customers “to cheaper, faster transfers abroad at their fingertips from the convenience of the Max app.”
The fintech company said the collaboration will allow Max customers to send money abroad in 32 currencies such as the United States dollar, Euro, Pound Sterling and Canadian dollar.
