Wise
Wise is a financial technology company that provides international money transfers and accounts for holding and managing several currencies. The service began as TransferWise, allowing customers to send money abroad using the mid-market exchange rate with a separately stated fee. Individuals and businesses use Wise to send, receive and convert money across currencies.
Wise runs a payments network connected to local payment systems and banking partners. Through Wise Platform, banks and other businesses can integrate that network into their own products and offer customers international payments. Partners can use Wise's existing international payment connections when expanding the services available to their customers.
Cross-border payments and Wise Platform
Wise gives its mission as "money without borders". The company launched in 2011 as TransferWise and later renamed itself Wise (Wise); its founders are Taavet Hinrikus and Kristo Käärmann. Wise's products are the Wise Account for people, Wise Business and Wise Platform, which in Wise's words is where "banks, financial institutions and enterprises can plug into our network".
Wise's license in the EEA
For customers in the EEA, Wise Europe SA is the provider: a payment institution authorized by the National Bank of Belgium, with passporting rights across the EEA (Wise). In the United Kingdom, Wise is authorized by the Financial Conduct Authority under the Electronic Money Regulations. A customer in Germany therefore holds the account with a Belgian company. The e-money license explains how a non-bank safeguards customer money.
Wise Platform: Wise's network inside a bank
Wise Platform is an API through which a bank offers international transfers on Wise's infrastructure. Standard Chartered uses it for its SC Remit service, so that customers in Asia and the Middle East send money in 21 currencies at the mid-market rate (Wise). In the same announcement Wise names more than 65 licenses and six direct connections to payment systems, and states that 63 percent of its cross-border payments arrive in under 20 seconds. The classic route for a bank is a chain of correspondent banks, which correspondent banking explains.
Upcoming payments events in Europe
Payments & Digital Money
Risk & Compliance
Which Wise company serves customers in Germany?
Wise Europe SA, a payment institution authorized by the National Bank of Belgium. Wise Europe SA's license is passported across the EEA, Germany included.
What is Wise Platform?
Wise Platform is Wise's offer for banks and companies: an API that lets them send international payments over Wise's network and licenses. Standard Chartered uses it for SC Remit.
How fast are Wise payments?
Wise states that 63 percent of its cross-border payments arrive in under 20 seconds. Wise credits its own licenses and direct connections to national payment systems. Cross-border payments in Europe covers how long a transfer takes on the bank route.
Cross-border payments
Other payment companies
Wise and Finance Loop
Finance Loop covers cross-border payments, instant payments and payment APIs for banks in its Payments & Digital Money track.
Business development teams expanding cross-border payment services need conversations about bank distribution and corporate payment requirements. Finance Loop can discuss relevant expert access through payments partnerships, starting with your target institutions and intended European markets.
Finance Loop is a European professional network for emerging technologies in finance, with Central Europe as the current regional focus. Finance Loop helps members build skills and professional relationships across these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.