Wise , a global technology company focused on cross-border money transfers, has partnered with Standard Chartered to support augmented international payments for the latter’s cross-border payment service. By teaming up with Wise Platform, Standard Chartered is set to allow its customers in Asia and the Middle East to transfer funds through its platform in 21 currencies, including USD, CAD, EUR, GBP, SGD, HKD, and JPY, more efficiently.

Also, the two organisations aim to deliver transparent pricing, with customers benefiting from the mid-market rate with no additional markups. The current news comes shortly after Wise gained direct access to InstaPay, the Philippines’ real-time payment system. Also, the company was set to directly settle transactions via the Bangko Sentral ng Pilipinas’ (BSP) real-time gross payment system, PhilPaSS Plus.

By being directly linked to InstaPay, Wise intended to augment cross-border payment services for its 13 million customers worldwide, together with millions of users of financial institutions like Bank Mandiri, which leverages Wise’s platform for international payments. Expansion and optimised international banking experience As part of the collaboration, Standard Chartered is set to integrate Wise’s infrastructure via the Wise Platform API to offer an augmented experience to SC Remit customers over the upcoming quarters, with further development being planned both in the number of supported currencies and the markets where the bank delivers in services. The move underlines Standard Chartered’s commitment to providing an international banking experience to meet the needs, demands, and preferences of customers who want low-cost, efficient, and convenient payments.

Furthermore, Standard Chartered entered a roster of partners selecting Wise Platform to conduct cross-border payments more efficiently and deliver optimised and secure transactions to their users, which in turn improves the end-to-end experience and drives customer loyalty. When commenting on the announcement, representatives from Standard Chartered underlined that the bank centres its efforts around constantly augmenting how it delivers banking experiences to clients. The decision to partner with Wise Platform can be attributed to the latter’s extensive currency coverage and capabilities in cross-border payments.

At the same time, when it comes to Wise Platform, the collaboration with Standard Chartered expands the company’s contribution to financial institutions investing in developing improved international payment experiences for customers. Additionally, Wise officials mentioned that both their company and the bank share a vision for developing optimised payment services that fall in line with regulatory requirements and individuals’ needs and requirements. .