Wise Platform Boosts Global Payments with Enhanced Infrastructure for Faster, Cheaper Cross-Border Solutions

21 October 2024 – Over the past year Wise Platform, Wise’s global payments infrastructure for banks, financial institutions and larger enterprises, has further enhanced its product suite for partners and significantly expanded its global regulatory footprint. As a result, Wise Platform is helping more partners offer faster, cheaper, more secure, and convenient international payments directly from their own platforms.

Among the new partners are some of the world’s largest digital banking platforms, including Nubank in Brazil, Mox, Standard Chartered's digital bank, in Hong Kong, Moin in South Korea, Allica Bank in the UK as well as Qonto in France.

Rising Demand for Correspondent Services

Wise Platform’s Correspondent Services, launched at Sibos last year in collaboration with Swift, allows partners to send and receive international payments instantly. By combining Wise’s infrastructure with Swift’s global messaging network, financial institutions benefit from faster, more affordable cross-border payments without a multi-year tech overhaul. 

Since launch, banks and financial institutions in 11 countries have adopted Correspondent Services, seamlessly integrating the solution with minimal configuration. 

Trusted by More Leading Banks and Financial Institutions 

As demand for faster, more transparent international payments grows, Wise Platform has also added and grown partnerships as well as expanded its offerings. Over the past year, Wise Platform has enabled partners to provide multi-currency accounts and issue debit cards, making it easier for customers to send, spend, and receive money internationally.

As its first partner in Brazil, Nubank, one of the world’s largest digital banks with over 100 million customers, partnered with Wise Platform to offer multi-currency accounts and debit cards to its premium clients, enabling seamless international transactions. 

In Singapore, Tiger Brokers expanded its partnership with Wise Platform to launch a first-ever debit card that lets customers earn fractional shares with no hidden fees or exchange rate markups. This reflects the increasing trust financial institutions have in Wise’s growing service offerings.

Strengthening Wise’s Global Infrastructure 

Wise’s infrastructure continued to expand, with new licences granted in Brazil, Japan, and Australia over the past months:

• In Japan, Wise became the first non-bank to be granted approval to join Zengin, Japan’s domestic payment network - enabling instant transfers to and from Japan once integrated. Wise also became one of the first international financial services companies to receive a Type 1 Funds Transfer Provider licence, allowing the removal of the 1 million JPY per transfer limit, enabling larger transaction volumes. 

• In Brazil, Wise secured a Payments Institution licence, enabling it to connect directly to the Brazilian Instant Payment System PIX, facilitating faster, more seamless payments. 

• In Australia, Wise gained an Australian Financial Services License, expanding its capabilities to support investment services, further enhancing its range of solutions for institutional clients. 

Delivering Instant, Compliant Payments at Scale
Through directly connecting to more payment systems globally, speed increasingly becomes a key advantage of Wise’s infrastructure, with 63% of payments processed instantly. This speed is underpinned by Wise’s real-time compliance checks, which run all relevant checks in under one second, ensuring payments are both safe and fast. 

The benefits of these investments are having a real impact on partners: Wise’s integration with Bank Mandiri in Indonesia resulted in a 20% increase in monthly transactions and 24% user growth on their app, saving customers US$2.3 million in fees and enabling larger transactions, including sending up to 2bn IDR to Indonesia and facilitating cross-border payments via Alipay. 

Albertine Lecointe, Vice President, Strategy at Qonto said; “We're now able to better support our existing customers by offering faster, more transparent transactions as well as fair pricing and timely payments with their international business partners. Additionally, this partnership allows Qonto to welcome new customers, enabling them to utilise our daily business banking services across multiple markets and currencies.”

Steve Naudé, Managing Director of Wise Platform said; “Customers want more than just simple transfers—they want the full package: multi-currency accounts, debit cards, and a seamless experience for sending, spending, and receiving money internationally. We’re constantly improving our infrastructure to offer speed, convenience, and transparency at a scale unmatched in the industry. Our growth reflects the appetite from partners—especially banks and large financial institutions—who are looking for the ability to offer world-class cross-border payments without compromising on speed or cost.”

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About Wise Platform

Wise Platform is Wise - but for banks, financial institutions and global enterprises. Wise Platform allows partners to utilise Wise’s infrastructure, meaning they can embed the best way to send, receive and manage money into their existing infrastructure, creating value for their business and customers. 

Over the past decade, Wise has built a global payments infrastructure that has revolutionised how money moves around the world. Now, thanks to Wise Platform, we allow partners to bring new products to customers without building it themselves, saving both time and money. This allows them to innovate quickly and retain and grow their customer base.

For more information, please visit https://platform.wise.com/

* Transaction speed claimed depends on individual circumstances and may not be available for all transactions.