The Wise alternative to correspondent banking
Access the power of Wise through your existing SWIFT connection. No integration required. Wise's SWIFT Correspondent Service is the quickest and easiest way for financial institutions using SWIFT to benefit from Wise’s speed, pricing and currency coverage
How it works?
Wise Nostro Account
Fund a balance with Wise. It’s easy to move money in and out and all funds are safeguarded
Communicate via SWIFT
Simply configure your existing SWIFT set up to exchange your regular SWIFT FIN format messages (MT103, MT195, MT199 etc) with Wise.
Payment Processing
We process transfers and payout to recipients like any other Wise transfer.
Why use Wise's SWIFT Correspondent Service?
No integration, just a configuration change
All that is required to go live with Wise's Correspondent Service is a configuration change. You simply route your existing SWIFT messages to Wise and your instructions will be processed like any other Wise payment.
Speed: Up to 80% instant settlement
A regular payment order sent to a traditional correspondent bank via SWIFT often takes days to arrive with the recipient.
Transfers sent via the Wise Correspondent Service are processed like any other Wise transfer. This means speed. So your customers will be very happy.
In Q4, >80% of payouts to 7 major currencies were instant (that means delivered in less than 20 seconds 💥).
*7 major currencies (also shown in the chart) include AUD, CHF, EUR, GBP, JPY, SGD, USD.
Guaranteed recipient amount
No unexpected, unknown deductions from correspondents or intermediaries as the transfer travels to the recipient.
We process payments via our own network comprised of local payment rails and are transparent on our fees. This means we can guarantee the amount the recipient will receive, giving you more control and keeping your customers from unpleasant surprises.
Comprehensive Currency Coverage
Wise currently supports payouts to 88 countries and 55+ currencies so there is no need to integrate and maintain relationships with multiple correspondent banks and payment partners.
Find out more about the currencies we support here (https://wise.com/gb/send-money/#countries).
Accurate delivery estimates
We provide delivery estimates for your transfers over API with ~95% accuracy, so your customers know when the transfers will be received by the recipient.
This can improve your customer experience and drastically reduce contact rates for your customer support teams.
Simply manage your Wise Nostro Account
It is easy to optimise your treasury operations and hold only what is necessary in your Wise Nostro Account.
Moving money in and out of your Wise Nostro account is simple and fast. We have APIs to help retrieve information on balances and automate the movements of money in and out of the balance if required.
Of course, this balance is safeguarded so you can rest easy knowing your funds are safe.
