editorial
Swift, the global financial messaging service, has partnered with Wise, a stealth bank specializing in low-cost transfers. This partnership will allow users to complete transfers using Wise’s services without making any internal changes. In turn, Wise will gain access to Swift’s cloud and API connectivity, including a payment status tracker.
Wise’s global payments network enables a majority of customers’ cross-border payments to settle instantly and over 90% to settle in under an hour. By leveraging Wise’s network, banks can overcome challenges such as incompatible technology or outdated infrastructure and innovate effortlessly.
According to Steve Naudé, Managing Director of Wise Platform, the collaboration with Swift will make international payments more convenient, faster, and lower cost for banks, without requiring major technological investments. Thierry Chilosi, Swift’s Chief Strategy Officer, believes this partnership exemplifies how Swift can be the foundation for the entire industry, improving cross-border payments.
Both companies are committed to achieving the G20 targets for cross-border payments and enabling seamless, efficient, and secure value movement around the world.
The announcement was made in Toronto, where Wise founder and CEO Kristo Käärman and Swift CEO Javier Pérez-Tasso discussed the partnership.
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