Swift and Wise partner to enhance cross-border payment efficiency

Swift has partnered with global tech firm Wise to facilitate secure, Swift transfers through Wise's platform, offering full transparency to financial institutions and their customers. This collaboration enables financial institutions to route Swift payment messages directly to Wise Platform via Correspondent Services, leveraging advanced capabilities like cloud and API connectivity. Customers will benefit from faster, cost-effective, and convenient international payments, with over 57% of transactions settling instantly.

The partnership aligns with G20 and UN Sustainable Development goals for cross-border transactions, emphasizing speed, transparency, cost, and access. With easy configuration, banks can integrate this solution without major system changes, innovating while using existing payment infrastructures. This partnership showcases the importance of collaborative innovation in meeting consumer demand for efficient, global money movement.

Source: The Paypers