Wise Disrupts Banks’ Remittance Monopoly: Now Becomes Standard Chartered's Partner

Tuesday, 05/11/2024 | 06:57 GMT by Arnab Shome

The bank will integrate Wise’s infrastructure through API.

It will allow SC Remit customers in Asia and the Middle East to send money in 21 currencies.

Kristo Käärmann, Wise CEO, during Web Summit 2015 in Dublin. Source: Flickr

Wise (previously Transferwise), established to challenge big banks charging unnecessary fees for cross-border payments, has partnered with Standard Chartered to provide retail remittance services to the UK-headquartered bank’s customer base.

Standard Chartered Taps Wise

Announced today (Tuesday), Standard Chartered will integrate Wise’s infrastructure through the Wise Platform API over the coming quarters. The partnership will facilitate services to SC Remit customers, specifically those in Asia and the Middle East.

Bank customers will be able to send money in 21 currencies, including USD, CAD, EUR, GBP, SGD, HKD, and JPY, “in a matter of seconds.” According to its latest update, Wise facilitated 63 percent of its cross-border payments instantly in under 20 seconds.

Standard Chartered's Samir Subberwal; Photo: LinkedIn

“We chose to partner with Wise Platform due to their extensive currency coverage and the well-known cross-border payments experience they offer,” said Samir Subberwal, Global Head of Wealth Solutions, Deposits and Mortgages, and Chief Client Officer at Standard Chartered.

Disrupting Cross-Border Payments

Listed in London, Wise has established itself as one of the top retail remittance platforms globally. At the end of Q2 FY25, the number of active customers on the platform reached 8.9 million, primarily driven by recommendations from existing users. This growth in users also increased transaction volume by 20 percent, reaching £35.2 billion for the quarter.

Steve Naudé, Wise Platform’s Managing Director; Photo: Wise

Wise also managed to reduce fees. Its cross-border take rate decreased to 59 basis points, down 8 basis points from the same period last year. Wise attributed 6 basis points of this reduction to lower prices and 2 basis points to changes in its business mix.

“The partnership with Standard Chartered, one of the largest global banks, marks a significant milestone in financial institutions investing to improve international payment experiences for customers,” said Wise Platform’s Managing Director, Steve Naudé.

“With Wise Platform, Standard Chartered gains access to Wise’s global payments infrastructure, including our extensive licence network, six 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,” he concluded.