Wise Introduces Intermediary SWIFT Connection Service for Neobanks

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Wise Introduces Intermediary SWIFT Connection Service for Neobanks

<p>Wise Platform, a payment infrastructure
service owned by London-based fintech company, Wise, launched
International Receive on Monday.</p><p>International
Receive, according to <a href="https://www.financemagnates.com/tag/transferwise/" target="_blank">Wise</a>, is a solution designed to enable neobanks not connected to the
SWIFT network to offer cross-border payment remittance service to their customers.</p><p>Wise said the new service has gone live
with a European neobank after what it described as a quick integration.</p><p>The Society for Worldwide Interbank
Financial Telecommunication (SWIFT) is a banking system through which banks
share messages about financial transactions before processing them.</p><p>"The [SWIFT] network carries over 5 billion
financial messages per year, and is used by major financial institutions to
support cross-border transactions," Wise said.</p><p class="text-align-justify">The fintech company further explained that rather than connecting
with the SWIFT network themselves, neobanks and even the established ones can now use the company's payments infrastructure to connect to SWIFT to power
international payments for their customers.</p><p>Wise pointed out that "it can be more
difficult for smaller neobanks, in particular, to get connected to SWIFT due to
the extensive paperwork a formal application process requires, which can take
up significant time and resources."</p><p>'An Easy Route'</p><p>Meanwhile, Steve Naudé, the Head of Product at
Wise Platform, noted that the new payments offering is beneficial to both
established and starter neobanks alike.</p><p>"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," Naudé said.</p><p>He added: "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."</p><p>Earlier in the year, Wise, which recorded <a href="https://www.financemagnates.com/fintech/news/wise-sees-51-yoy-growth-in-revenue-during-q1-fy23/">a 51% year-on-year growth</a> in its
revenue during the first quarter of its fiscal year of 2023, <a href="https://www.financemagnates.com/fintech/wise-partners-max-to-open-up-israelis-to-global-payment/">partnered with</a>
Israeli payments firm, Max.</p><p>The London-based company said the
partnership is geared at opening up Max's customers "to cheaper, faster
transfers abroad at their fingertips from the convenience of the Max app."</p><p>The fintech company said the collaboration
will allow Max customers to send money abroad in 32 currencies such as the
United States dollar, Euro, Pound Sterling and Canadian dollar.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.

Source: Wise Introduces Intermediary SWIFT Connection Service for Neobanks