Global financial services company Morgan Stanley has selected global payment technology firm Wise to facilitate the former’s FX international settlement capabilities for its corporate customers.
Morgan Stanley will offer clients reportedly high-speed cross-border settlements through Wise Platform, Wise’s global payments infrastructure for banks. This integration will also make Morgan Stanley the first investment bank to enable these corporate payment capabilities on Wise Platform, according to the official announcement.
This solution pairs Wise’s payments capabilities with Morgan Stanley’s one-firm, integrated, cross-divisional approach to providing solutions for its client base. By leveraging Wise’s technology and local connectivity, Morgan Stanley can focus on servicing its clients while reducing implementation timelines. The offering will complement Morgan Stanley’s existing suite of transactional foreign exchange services targeting corporate and institutional clients, the companies announced.
According to the Managing Director of Wise Platform, this relationship marks a significant milestone in the growing number of trusted global banks that are choosing to power their cross-border payments through Wise Platform. Morgan Stanley has a strong and clear payments vision for the experiences and solutions they want to offer their customers, and Wise Platform is looking forward to be working with the former to enable their corporate payment capabilities and bring fast, cost-effective, transparent, and easy payments to Morgan Stanley’s clients, he concluded.
The Global Head of Foreign Exchange and Emerging Markets at Morgan Stanley declared that the company is committed to delivering best-in-class technology solutions to its clients. Its relationship with Wise enables Morgan Stanley to adapt to the evolving needs of its clients and deliver fast, operationally robust, and cost-effective payment capabilities, he concluded.
Wise Platform works globally with the banks, financial institutions, and businesses to power their international payments using Wise’s global infrastructure. With 65+ licences and 6 direct connections to payment systems, 63% of Wise’s cross-border payments are reportedly completed instantly, under 20 seconds. Additionally, Wise Platform partners benefit from the expertise of a global engineering team and dedicated specialists in implementation, compliance, and 24/7 support, to ensure seamless, secure, and fast integrations, according to the company.
In November 2024, Wise established a similar partnership with Standard Chartered, to support augmented international payments for the latter’s cross-border payment service. Earlier in November, Wise announced that it gained direct access to InstaPay, the Philippines' real-time payment system.
In September 2024, Swift announced its partnership with Wise, to allow secure Swift transfers to be completed over Wise with full transparency for financial institutions and their customers.
In July 2024, Morgan Stanley announced a stake acquisition in UK-based neobank Sokin. In November 2024, the company announced a USD 20 million investment in NovoPayment to assist the latter’s expansion of commercial partnerships.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now