Wise Platform introduces International Receive service
Wise Platform, Wise’s infrastructure offer for banks and non-banks alike, has today announced the roll out of its new International Receive service, meaning customers from banks of all sizes can quickly, easily and affordably receive cross-border payments via the SWIFT network, even if their bank is not directly connected to SWIFT.
Today, 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. With this new service, Wise will make it easier for these neobanks to connect, and enable their customers to efficiently and safely receive international payments using their existing account details.
The feature also enables financial institutions with an existing SWIFT setup to switch to Wise’s service, and receive incoming payments more quickly, cheaply and conveniently.
The roll out expands the Wise Platform offer, which has long-provided its partners with a service that sends money affordably and quickly, by adding the ability for partners to receive money. The service is live with a European neobank.
Steve Naudé, Head of Product, Wise Platform, said:
“Wise Platform’s International Receive service benefits all banks, whether they’re a centuries-old institution or a nascent neobank. 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.
The integration can be done in a matter of weeks and with minimal effort for our partners – we’re hugely excited by its potential and what it means for customers.”
Wise Platform is now live with more than 50 bank and non-bank partners across the world.