Morgan Stanley taps Wise for corporate cross-border settlements
US investment banking giant Morgan Stanley has selected London-based global money transfer firm Wise to power foreign exchange international settlement capabilities for its corporate customers.
Morgan Stanley will utilise Wise Platform for corporate cross-border settlements
Through the partnership, Morgan Stanley will be able to provide its corporate clients with access to instant cross-border settlements using Wise Platform, the firm’s global payments infrastructure.
Wise says the deal sees Morgan Stanley become “the first investment bank to enable these corporate payment capabilities on Wise Platform”.
Morgan Stanley joins a host of global financial institutions partnering with Wise for its Wise Platform offering this year, including Standard Chartered and Brazilian challenger Nubank.
Founded in 2011, Wise claims to serve 16 million customers globally and processes £9 billion in international transactions monthly, supported by a network of over 65 regulatory licenses and six direct connections to payment networks.
Earlier this year, the company secured approval to join Japan’s domestic payment system, Zengin, and also gained access to the Philippines’ real-time payment network, InstaPay.
