Payments messaging provider Swift announced on Monday (18 September) that it has partnered with Wise, the international money transfer startup. Swift is one of the key services in interbank transfers, allowing secure and standardised financial messaging and overseen by the central banks of the G10.
The partnership will allow the 11,000+ banks and financial services providers that use Swift to route international transfer payments directly to Wise Platform, the company’s B2B offering, without needing to update their own back-ends.
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The move drastically expands the availability of Wise’s service, bringing the total number of countries served from 70 to over 160, and further cements its industry leader status. Wise utilises an innovative double-transaction peer-to-peer method of international currency transfer, which allows banks to settle transactions in a matter of minutes rather than days.
The company has faced criticism for the fees it charges on high-value transfers, but this doesn’t appear to be causing it any problems. The company reported a profit before tax of £147m ($180.7m) in 2023, a 234% increase from the year before, according to GlobalData.
Its corporate filings also reflect a company on the rise. When the company first filed in 2018, the most mentioned keywords were loss, liabilities and cost. Cost and liabilities remained in the top three most mentioned until 2022 when remunerations, policy and audits took the top spots.
As Wise has grown, it has seen its considerations shift from those of a start-up whose survival is the main goal to those of an established multinational, now more focused on compliance and long-term policy.
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