Summary of fee changes
This blog post is to update our customers about changes in price and is not a marketing communication. Our mission is to lower the cost of moving money across...
Wise Platform launches newest service International Receive
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:
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Discover International Receive
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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