Wise Platform, the enterprise-facing branch of cross-border payments firm Wise, announced Friday (Sept. 9) the launch of its new SWIFT International Receive service, which will allow Wise client institutions to facilitate cross-border payments, even if their bank is not connected to SWIFT.
The new service is likely to be well received by neobanks that aren’t connected to the SWIFT network due to the time and resources required to establish a connection, Wise stated on its website.
With this new service, Wise will make it easier for neobanks to connect, and enable their customers to efficiently and safely receive international payments through SWIFT 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 SWIFT payments more quickly, cheaply and conveniently, the company claimed today.
Commenting oin the news, Steve Naudé, Head of Product, Wise Platform, said: “Wise Platform’s SWIFT 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.”
For euro transfers, SEPA is the preferred system for many banks and consumers as it is typically faster and cheaper than an equivalent SWIFT transfer, especially if done through SEPA’s instant payment rails.
Unfortunately, as Naudé told PYMNTS earlier this year, in some European countries, few banks offer SEPA Instant to customers and the scheme has yet to be fully adopted in the eurozone.
Read on: Lackluster Rollout of SEPA Instant Stymies EU Payment System Success, Says Wise Product Chief
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