Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
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.
See: Swift’s Blockchain Breakthrough Boosts Global Tokenization
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.
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