Swift and Wise have announced a 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.
The collaboration comes as increased innovation and fragmentation in the financial ecosystem is creating more ways for money to move — and more consumer demand for choice. It reflects the importance of new forms of collaboration to provide optionality, while maintaining secure, reliable and inclusive connectivity. And it is directly aligned with both G20 and UN Sustainable Development goals on the speed, transparency, cost and access of cross-border transactions.
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.”
Thierry Chilosi, Chief Strategy Officer at Swift, said: “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.”