Swift and Wise Announce Strategic Collaboration at Sibos 2023 in Toronto

Payments | Sep 20, 2023

Image: Unsplash/Museums Victoria

At the 2023 Sibos conference held in Toronto, Swift and Wise announced a strategic partnership aiming to enhance the global cross-border payment options available to financial institutions and their end customers.

Enhanced Cross-Border Payments

The partnership will allow financial institutions to route Swift payment messages directly to the Wise platform via Wise’s Correspondent Services Solution. This integration ensures that Swift customers can leverage the benefits of Wise without undergoing major system overhauls.

Wise will utilize Swift’s advanced features, including cloud and API connectivity and Payment Pre-validation.

The hallmark features of Swift GPI, such as the payment status tracker, will be updated by the Wise Platform to ensure a comprehensive end-to-end view across both networks.

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Steve Naudé, Managing Director of Wise Platform:

We know that banks face a number of challenges when it comes to enhancing their international payments, including that this often requires them to embed technology which is incompatible with legacy infrastructure. By simultaneously leveraging existing payments architecture and optimising payouts using Wise’s global network, we are empowering banks to innovate effortlessly. Our network, combined with Swift’s extensive reach and trackability, will make international payments more convenient, faster and lower cost for banks, without necessitating a major tech build.

Thierry Chilosi, Chief Strategy Officer at Swift, highlighted Swift’s role as a trusted global connector. He believes that collaborations like the one with Wise are pivotal in innovating cross-border payments and expanding the options available to customers worldwide. Such cooperative efforts align with the G20 targets for cross-border payments and aim to ensure the seamless, efficient, and secure movement of value in a fragmented global landscape.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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• Source: https://ncfacanada.org/swift-and-wise-announce-strategic-collaboration-at-sibos-2023-in-toronto/