Wise to Power Cross-Border Payments for Standard Chartered (11/2024)
Standard Chartered has partnered with Wise, a leading cross-border payments fintech, to enhance its SC Remit service. Leveraging Wise Platform, Standard Chartered will offer low-cost, rapid international fund transfers across 21 currencies in Asia and the Middle East. This collaboration reflects broader trends in the financial sector as institutions adapt to growing demand for faster, transparent global payment solutions.
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Standard Chartered announced a collaboration with Wise Platform, the payments infrastructure division of Wise, formerly known as TransferWise. The partnership aims to power international payment services for SC Remit, Standard Chartereds cross-border payment platform.
Key features of the integration include:
Currency Coverage: Fund transfers in 21 currencies, including USD, EUR, GBP, SGD, and JPY.
Transaction Speed: Most payments processed in seconds using Wise’s efficient pricing and transparent cost model.
Expansion Plans: Additional currencies and markets are expected to be introduced in the near future.
Samir Subberwal, Standard Chartered’s Global Head of Wealth Solutions and Chief Client Officer, highlighted Wise`s extensive global payment expertise as a cornerstone for delivering enhanced customer experiences.
Wise Platform:
Wise`s infrastructure provides seamless cross-border payment capabilities to banks and fintechs via API integration. Features include:
Support for 40+ currencies across 160+ countries.
Completion of 63% of cross-border payments in under 20 seconds, with 95% processed within 24 hours.
Compliance with international regulatory standards through 65+ payment licenses.
Market Context:
The partnership aligns with growing trends in the cross-border payment space:
- E-Commerce Growth: Increasing online transactions have driven demand for efficient international payment systems.
- Remote Work Payments: Employers need reliable solutions for global payrolls.
- Stablecoin Evolution: While stablecoins provide rapid and cost-effective transfers, Wise has chosen to focus on traditional infrastructure to ensure compliance and minimize regulatory complexity.
Conclusion:
By integrating Wise Platform, Standard Chartered enhances its SC Remit offering, addressing customer expectations for fast, transparent, and low-cost international payments. This collaboration underscores the evolving landscape of cross-border payments, where innovation and compliance are paramount.
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