Wise Platform has today launched our newest integration solution, International Receive. From today, customers at partner organisations using International Receive will be able to quickly, easily and affordably receive cross-border payments, even if their bank is not connected to the SWIFT network.
SWIFT allows banks to speak to one another using financial messages. The network carries over 5 billion financial messages per year, and is used by major financial institutions to support cross-border transactions.
However, 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. As a result, it can be more difficult for their customers to send money abroad.
That’s not what we’re about here at Wise, so we came up with the International Receive solution to make it easier for neobank customers in particular to efficiently and reliably receive international payments using their existing account details.
And to make life easier for our partners, rather than connecting with the SWIFT network themselves, they can use Wise as a correspondent and leverage our connection to power their FX payments; it’s all of the benefits and none of the hassle.
The feature also enables financial institutions with an existing SWIFT setup to switch to Wise’s service, and receive these incoming payments more quickly, cheaply and conveniently.
The roll out expands our Wise Platform offer, which has long-provided partners with a service that allows their customers to send money affordably and quickly, by adding the ability for them to receive money as well.
The service has gone live with a European neobank after a quick – or swift – integration.
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.”