With this new service, Wise will make it easier for neobanks to connect and enable their customers to receive international payments through SWIFT, using their existing account details. As per the press release, 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.
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 and conveniently. The service is already live with a European neobank.
Company officials stated that 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.
In April, Wise Platform went live with Fibabanka, a 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.
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.
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