Morgan Stanley Partners with Wise to Enhance Cross-Border Payment Services
Morgan Stanley has announced a partnership with Wise to streamline cross-border payments for its corporate clients, marking a significant milestone as the first investment bank to integrate Wise’s global payments platform, as outlined in The Fintech Times.
.This collaboration allows Morgan Stanley to leverage Wise Platform’s infrastructure to deliver faster, more efficient international settlements, complementing its existing foreign exchange services. The integration promises corporate and institutional clients high-speed payment capabilities with reduced implementation times and operational efficiencies.
Samer Oweida, Morgan Stanley’s global head of foreign exchange and emerging markets, emphasized the strategic importance of the partnership: “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.”
Wise Platform, the backbone of Wise’s cross-border payment services, is already a trusted name among leading financial institutions worldwide. Supported by 65 licenses and direct connections to multiple payment systems, the platform is designed to handle cross-border transactions with speed and efficiency.
According to Wise, 63% of its international transactions are completed instantly, often within 20 seconds, and its infrastructure offers 24/7 support for its partners. Steve Naudé, managing director at Wise Platform, highlighted the significance of this partnership: “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.”
This move by Morgan Stanley follows similar initiatives by other global banks. Last month, Standard Chartered partnered with Wise Platform to enhance its cross-border payment service, SC Remit, enabling customers in Asia and the Middle East to send money in 21 currencies within seconds.
Morgan Stanley’s decision to integrate Wise Platform underscores the growing demand for seamless, cost-effective, and transparent payment solutions in the banking industry. By partnering with Wise, Morgan Stanley strengthens its position in the global financial ecosystem, offering cutting-edge technology to meet evolving client needs.