The Wise payment system has signed a direct contract with the SWIFT network and will now be able to independently participate in international transfers by receiving SWIFT messages directly. Thus, it will not need a bank to connect to the system.
Previously, access to international transfers could be obtained only through a wide network of correspondent banks and it was obligatory to have a reliable banking partner. Today, as practice shows, being a large financial structure, it is possible to manage your finances independently.
Of course, this will lead to cheaper transfers for the company and increase the convenience of working with them. API integration with SWIFT will allow to receive accurate statuses of payments and be constantly aware of their process.
Not surprisingly, many legacy banks are wary of EMIs and fintechs as direct competitors and are not keen to co-operate. While earlier the latter were dependent on the former, now they have every chance to become independent services in a broad sense.
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