In a significant move to enhance its cross-border payment services, Standard Chartered, one of the world’s leading banking groups, has partnered with Wise, a global powerhouse in money transfers known for its cutting-edge payments infrastructure. This collaboration aims to upgrade Standard Chartered’s SC Remit service, enabling customers in Asia and the Middle East to transfer funds internationally in almost real-time across 21 different currencies, including major ones such as EUR, GBP, USD, CAD, SGD, JPY, and HKD.
Integration of Wise Platform’s API
A critical aspect of this partnership is the integration of Wise Platform’s API into Standard Chartered’s system, scheduled for rollout in the upcoming quarters. This integration is set to broaden the array of supported currencies and expand the markets where Standard Chartered operates. Historically, Wise has built a strong operational base, serving 16 million customers worldwide and managing £9 billion in monthly international transactions through an extensive network of regulatory licenses and direct links to various payment networks.
Wise’s Expanding Footprint
Recent milestones showcase Wise’s expanding influence in the global financial landscape. The firm has received approval to join Japan’s domestic payment system, Zengin, and also gained access to the Philippines’ real-time payment system, InstaPay. These advancements demonstrate Wise’s dedication to broadening its service capabilities and enhancing its global reach.
Strategic Partnership and Industry Trends
Standard Chartered’s decision to collaborate with Wise is reflective of a broader trend within the financial industry. Traditional banks are increasingly teaming up with fintech companies to harness their advanced technology and extensive networks. This initiative represents Standard Chartered’s strategic effort to improve its service offerings and customer experience in the remittance space, reinforcing its competitive market position.
Not an Isolated Case
Additionally, Standard Chartered is not the only banking entity to adopt the Wise Platform. The fintech’s platform is already in use by other financial institutions, including Brazil’s Nubank, the UK’s Allica Bank, and Japan’s GMO Aozora Net Bank. This mounting list of partners underscores a trend toward integrated financial ecosystems that merge the strengths of traditional banks with the agility and innovation of fintech firms.
Conclusion: A Forward-Thinking Initiative
In a major development aimed at improving cross-border payment services, Standard Chartered, one of the world’s foremost banking institutions, has teamed up with Wise, a leading global entity in money transfer known for its state-of-the-art payment infrastructure. This partnership is set to upgrade Standard Chartered’s SC Remit service, allowing customers in Asia and the Middle East to transfer money internationally almost in real-time across 21 different currencies. These currencies include major ones like EUR, GBP, USD, CAD, SGD, JPY, and HKD.
The collaboration leverages Wise’s advanced technology to offer a faster, more efficient, and seamless payment experience, addressing the growing need for quick and reliable cross-border transactions. By integrating Wise’s innovative system into its own services, Standard Chartered aims to provide greater value and convenience to its customers. This move is expected to significantly enhance the bank’s ability to serve its diverse clientele and meet the increasing demand for real-time international money transfers.
