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Wise Platform, a payment infrastructure service owned by London-based fintech company Wise, launched International Receive on Monday.
According to Wise, International Receive is a solution designed to enable neobanks not connected to the SWIFT network to offer cross-border payment transfer services to their customers.
Wise said the new service went live alongside European neobanks after being described as rapid integration.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a banking system in which banks share messages about financial transactions before they are processed.
” [SWIFT] The network carries over 5 billion financial messages annually and is used by major financial institutions to support cross-border transactions,” said Wise.
The fintech company further explained that instead of connecting to the SWIFT network itself, even neo-banks and established banks can use the company’s payments infrastructure to connect to SWIFT to power their customers’ international payments. .
It is more difficult, especially for smaller neobanks, to connect to SWIFT because of the enormous amount of paperwork required by the formal application process, which can consume considerable time and resources, Wise said. It could become, he said.
Meanwhile, Wise Platform’s head of product Steve Naud said the new payment service will benefit both established and novice neobanks.
Established banks have been connected to SWIFT for a long time, but many new banks cannot commit the resources required to join SWIFT. This service helps both, Naude says.
Established banks can benefit from the speed and affordability of the Wise Platform, while neobanks offer an easy way for their customers to receive money from abroad.
Earlier this year, Wise, which posted 51% year-over-year revenue growth in the first quarter of its fiscal year 2023, partnered with Israeli payments company Max.
The London-based company said the partnership aims to open up Max customers to “cheap and fast international money transfers at your fingertips, from the convenience of the Max app.”
According to the fintech company, the partnership will allow Max customers to send money abroad in 32 currencies, including US dollars, euros, British pounds and Canadian dollars.
Wise Platform, a payment infrastructure service owned by London-based fintech company Wise, launched International Receive on Monday.
According to Wise, International Receive is a solution designed to enable neobanks not connected to the SWIFT network to offer cross-border payment transfer services to their customers.
Wise said the new service went live alongside European neobanks after being described as rapid integration.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a banking system in which banks share messages about financial transactions before they are processed.
” [SWIFT] The network carries over 5 billion financial messages annually and is used by major financial institutions to support cross-border transactions,” said Wise.
The fintech company further explained that instead of connecting to the SWIFT network itself, even neo-banks and established banks can use the company’s payments infrastructure to connect to SWIFT to power their customers’ international payments. .
It is more difficult, especially for smaller neobanks, to connect to SWIFT because of the enormous amount of paperwork required by the formal application process, which can consume considerable time and resources, Wise said. It could become, he said.
Meanwhile, Wise Platform’s head of product Steve Naud said the new payment service will benefit both established and novice neobanks.
Established banks have been connected to SWIFT for a long time, but many new banks cannot commit the resources required to join SWIFT. This service helps both, Naude says.
Incumbent banks can benefit from the speed and affordability of the Wise Platform, while neobanks offer an easy way for customers to receive money from abroad.
Earlier this year, Wise, which posted 51% year-over-year revenue growth in the first quarter of fiscal year 2023, partnered with Israeli payments company Max.
The London-based company said the partnership aims to enable Max customers to “use the convenience of the Max app to send money abroad cheaper and faster.”
According to the fintech company, the partnership will allow Max’s customers to send money abroad in 32 currencies, including US dollars, euros, British pounds and Canadian dollars.
