Morgan Stanley is teaming up with Wise to bring faster and smoother cross-border payments to its corporate clients, making it the first investment bank to integrate Wise’s global payments platform.
The global financial services firm will offer clients high-speed cross-border settlements through Wise Platform, Wise’s global payments infrastructure for banks.
This collaboration will also enable Morgan Stanley to complement its existing foreign exchange services by providing high-speed settlement solutions for corporate and institutional clients. Using Wise’s local connectivity and payment technology, the integration aims to reduce implementation times while maintaining operational efficiency.
Samer Oweida, global head of foreign exchange and emerging markets at Morgan Stanley, commented: “Our relationship with Wise enables us to adapt to the evolving needs of our clients and deliver one of the fastest, operationally robust and cost-effective payment capabilities in the banking industry.”
The Wise Platform
Wise Platform facilitates cross-border payments for leading financial institutions globally, supported by 65 licences and direct connections to multiple payment systems. According to Wise, its infrastructure also completes 63 per cent of cross-border transactions instantly, typically under 20 seconds, and offers 24/7 support for its partners.
Steve Naudé, managing director at Wise Platform, also said: “This relationship marks a significant milestone in the growing number of trusted global banks that are choosing to power their cross-border payments through Wise Platform.
“Morgan Stanley has a strong and clear payments vision for the experiences and solutions they want to offer their customers, and we’re thrilled to be working with them to enable their corporate payment capabilities and bring fast, cost-effective, transparent and easy payments to Morgan Stanley’s clients.”
Last month, Standard Chartered also unveiled a partnership with Wise Platform to power faster and cheaper international payments for the bank’s cross-border payment service, SC Remit. The partnership enables Standard Chartered’s SC Remit customers in Asia and in the Middle East to send money in 21 currencies including USD, CAD, EUR, GBP, SGD, HKD, JPY in “a matter of seconds”.
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