Singapore, November 5 2024 — In a significant move to strengthen its retail cross-border payments offering, leading global bank Standard Chartered has announced a partnership with Wise Platform, Wise’s global payments infrastructure for banks, to power faster and cheaper international payments for the bank’s cross-border payment service, SC Remit.
The partnership will allow 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 all while being fully transparent on pricing — customers getting the mid-market rate with no markups.
Standard Chartered will integrate Wise’s infrastructure through the Wise Platform API to provide this experience to SC Remit customers over the coming quarters, with a further expansion on the horizon both in the number of currencies supported as well as more markets where Standard Chartered operates. This underscores Standard Chartered’s commitment to deliver a world-class international banking experience to meet the needs of customers who value fast, low-cost and convenient payments.
Standard Chartered joins the strong roster of partners choosing Wise Platform to make cross-border payments more efficient and bring convenient, fast, secure and transparent transactions to their customers, improving the end-to-end experience and driving customer loyalty.
With 65+ licences and 6 direct connections to payment systems, 63% of Wise’s cross-border payments are completed instantly, under 20 seconds. Additionally, Wise Platform partners benefit from the expertise of a global engineering team and dedicated specialists in implementation, compliance and 24/7 support, all working collaboratively to seamlessly and safely integrate the Wise APIs into partner dashboards and user interfaces to make integrations easy and quick.
Samir Subberwal, Global Head, Wealth Solutions, Deposits and Mortgages, and Chief Client Officer, Standard Chartered, said: “We’re continually improving how we deliver exceptional banking experiences for our clients. We chose to partner with Wise Platform due to their extensive currency coverage and stellar cross-border payments experience they are known for. This collaboration is a key step in enhancing our international payment services as we offer an even more seamless, faster, and efficient digital global payments experience to our clients.”
Steve Naudé, Managing Director of Wise Platform said: “The partnership with Standard Chartered, one of the biggest global banks, marks a significant milestone in financial institutions investing in building better international payment experiences for customers. Wise and Standard Chartered share the same vision for creating frictionless payment experiences for customers, and we are thrilled to be working together to help SC Remit customers access fast, secure and low-cost international payments.”
Naudé continued: “With Wise Platform, Standard Chartered gains access to Wise’s global payments infrastructure, including our extensive licence network, 6 direct connections, payment operations expertise and proven capabilities in treasury management. All these enable us to deliver fast, secure and transparent payments around the world.”
About Wise Platform
Wise is a global technology company, building the best way to move and manage the world’s money. Over the last 14 years, Wise has built an entirely new network for the world’s money.
Thanks to Wise Platform, banks and large companies can leverage Wise’s payments infrastructure and embed the best way to send, receive, and manage money internationally into their existing infrastructure. With a wide variety of partners worldwide, Wise Platform saves banks and businesses time and money by allowing them to seamlessly offer fast, cheap, transparent and convenient cross-border payments to their customers.
