Wise Platform, Wise’s infrastructure offer for banks and non-banks alike, has today announced the roll out of its new SWIFT Receive service, meaning customers from banks of all sizes can quickly, easily and affordably receive cross-border payments, even if their bank is not connected to SWIFT.
Today, many neobanks are not connected to SWIFT due to the time and resource it takes to get connected to the system, preventing their customers from reliably receiving money from overseas. With this new service, Wise will make it easier for these neobanks to connect, and enable their customers to efficiently and safely receive international payments through SWIFT using their existing account details.
The feature also enables financial institutions with an existing SWIFT setup to switch to Wise’s service, and receive these incoming SWIFT payments more quickly, cheaply and conveniently.
The roll out expands the Wise Platform offer, which has long-provided its partners with a service that sends money affordably and quickly, by adding the ability for partners to receive money. The service is live with a European neobank.
Steve Naudé, Head of Product, Wise Platform, said:
“Wise Platform’s SWIFT Receive service benefits all banks, whether they’re a centuries-old institution or a nascent neobank.
“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. 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.
“The integration can be done in a matter of weeks and with minimal effort for our partners - we’re hugely excited by its potential and what it means for customers.”
Wise Platform launches with six new partners
The launch of SWIFT Receive follows a busy year for Wise Platform, with six new partnerships launched this year, bringing greater transparency, ease, speed and affordability to more people and businesses across the world.
In April, Wise Platform went live with Fibabanka, a major Turkish bank, through its partnership with banking platform Birlesik Odeme. The integration enables Fibabanka to offer its three million customers the ability to send money abroad in more than 70 currencies with the speed and affordability that comes with Wise - a first of its kind offering in Turkey.
Wise Platform also partnered with Max, one of Israel’s largest credit card companies, to bring its exceptionally fast and affordable transfers to Israeli consumers for the first time.
The integration means that Max’s more than one million customers can send money in 32 currencies.
Wise Platform has also recently gone live with a number of business partners, including:
Firstbase, a US-based service that helps entrepreneurs found their business
Onfolk, a UK-based HR service
GoTrade, a Malaysia-based investment platform
Tiger Brokers, a Singapore-based investment platform
In addition, Wise Platform also launched a new service to support cross-border business payments with long-time partner Monzo.
“We’re thrilled to be working with so many innovative, forward-thinking partners and, most importantly, to be enhancing their customers’ experiences of cross-border payments.”
Meir Aharoni, EVP Technologies, Business Development & innovation, Max, said:
"It's been brilliant to work with the Wise Platform team and to create this partnership together. The speed, efficiency and support from the delivery team has been a particular plus, allowing us to offer this service to our customers only several months on from first speaking to Wise. We're excited to see how this partnership develops and for our customers to try the new service, which will give them control and save them time and money on their international transfers."
Wise Platform is now live with more than 50 bank and non-bank partners across the world.
Re-disseminated by The Asian Banker