Wise Platform has launched our newest integration solution, International Receive. Customers at partner organizations 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.

Banks can communicate with one another via financial messages thanks to SWIFT. Major financial institutions use the network, which transmits more than 5 billion financial communications annually, to support international transactions.

Smaller neobanks in particular may find it more challenging to connect to SWIFT due to the considerable documentation that is needed for a formal application process, which can consume a lot of time and money. Because of this, it could be more challenging for their clients to transmit money outside.

We at Wise don’t believe in that, which is why we developed the Overseas Receive solution to make it simpler for customers of neobank in particular to quickly and reliably receive international payments using their current account information.

And to make things simpler for our partners, they can use Wise as a correspondent and use our connection to enable their FX payments rather than joining with the SWIFT network themselves. This offers all the advantages without any of the hassle.

Financial institutions can also use this capability to transition from their current SWIFT configuration to Wise’s service and receive these incoming payments more swiftly, affordably, and easily.

By introducing the capability for consumers to receive money as well, the launch strengthens our Wise Platform product, which has long given partners a solution that enables their customers to send money swiftly and affordably.

The service was integrated quickly, or swiftly, and is now live with a European neobank.

“Wise Platform’s 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.”

                                                                     Steve Naudé, Head of Product, Wise Platform.