New collaboration will help financial institutions provide more choice to their customers for cross-border payments.
Increased innovation and fragmentation in the financial ecosystem is creating more ways for money to move, as well as a greater demand for choice from customers.
To help meet this demand, we’ve joined forces on an innovative collaboration with Wise 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.
Connecting the world simply and securely
As choices for sending international payments increase, single transactions can travel across many different networks. Each network is another channel, and it can be very costly for financial institutions to connect to all of them.
“Swift has built an infrastructure that connects the world, that is trusted and relied upon every day,” said Thierry Chilosi, Swift’s Chief Strategy Officer. “Our collaboration with Wise illustrates how Swift can be the bedrock from which the whole industry can innovate to improve cross-border payments and enhance the options available for customers across the globe.”
These types of collaborations also enable Swift customers to leverage their existing infrastructure to reach the services of their choice securely – while maintaining data integrity, end-to-end transparency and traceability that ties the whole ecosystem together.
Increasing choice, enabling interoperability
The collaboration, announced at Sibos in Toronto, reflects the importance of new forms of cooperation to provide network optionality. 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.
As part of our collaboration, Wise Platform will harness advanced Swift capabilities to power its service, including cloud and API connectivity, as well as Payment Pre-validation to ensure potential errors are detected before payments are sent.
Wise Platform will also continue to offer banks all the hallmark features of Swift GPI, including a payment status tracker which Wise Platform will update to ensure an end-to-end view across both networks.
Collaboration that drives progress
"By simultaneously leveraging existing payments architecture and optimising payouts using Wise's global network, we are empowering banks to innovate effortlessly,” said Steve Naudé, Head of Wise Platform. “Our network, combined with Swift’s extensive reach and trackability, will make international payments more convenient, faster and lower cost for banks, without necessitating a major tech build.”
The collaboration is also directly aligned with both G20 and UN Sustainable Development goals on the speed, transparency, cost and access of cross-border transactions, said Chilosi. “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."
Hear more at Sibos
Join Swift CEO Javier Pérez-Tasso and Wise CEO Kristo Käärman for an exclusive Inside Leadership conversation at Sibos on Tuesday, 19 September at 16:00 EDT (available in person or digitally).