Swift and Wise are teaming up to make it easier for banks and their customers to increase cross-border payments. They are working together to ensure that payments made through Swift can smoothly and securely go through Wise, all while keeping the entire process transparent from start to finish.
Financial institutions that want to offer new and improved services can now use Swift to send payments through Wise’s platform. This means their customers can enjoy the fast and convenient Wise service along with the extensive reach of Swift, all without having to make major changes to their existing systems.
Wise’s platform will make use of advanced Swift features, such as cloud and API connections and Payment Pre-validation. It will also provide banks with Swift GPI’s key features, including a payment tracking tool that Wise’s platform will keep updated for full visibility across both networks.
Steve Naud, 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.”
This collaboration was announced in Toronto at the annual Sibos conference. It’s just the beginning of a broader partnership and comes as the financial world is becoming more innovative and complex, offering more options for moving money and meeting customer demands for choice.
This collaboration aligns with the goals of the G20 and UN Sustainable Development to make cross-border transactions faster, more transparent, cost-effective, and accessible.
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