Swift and Wise Collaborate to Secure and Ease Global Financial Transactions

Swift and Wise, global payment firms, announced an innovative collaboration on Sept 19 to expand cross-border payment options for financial institutions and their customers, allowing payments sent securely via Swift to be completed seamlessly over Wise with end-to-end transparency.

According to a statement released on September 19, financial institutions looking to innovate their offerings will be able to route Swift payment messages directly to Wise Platform - Wise's infrastructure solution for banks and large enterprises - via its latest correspondent services solution.

This will allow their customers to benefit from Wise's speed and convenience, as well as Swift's breadth, without requiring any major changes to their systems.

According to the statement, Wise Platform will use advanced Swift capabilities to power its service, such as cloud and API connectivity and payment pre-validation, and will continue to offer banks all the hallmark features of Swift GPI, such as a payment status tracker, which Wise Platform will update to ensure an end-to-end view across both networks.

The collaboration is the beginning of a larger relationship, and it comes at a time when increased financial ecosystem innovation and fragmentation are creating more ways for money to move — and more consumer demand for choice.

It reflects the significance of new forms of collaboration in providing flexibility while maintaining secure, dependable, and inclusive connectivity.