Standard Chartered announced a new partnership with Wise Platform to improve speed and lower costs for its international payments service, SC Remit.
This collaboration will initially benefit customers in Asia and the Middle East, allowing them to send money in 21 currencies, including USD, EUR, and GBP, with transparent pricing at the mid-market exchange rate.
Through the integration of Wise Platform’s API, Standard Chartered plans to roll out this enhanced payment service over the next few quarters, with future expansions in both currency options and market reach.
Wise Platform’s infrastructure includes over 65 licences and six direct connections to domestic payment systems including the latest one with Philippines’ InstaPay.
It can reportedly complete 63% of cross-border payments in under 20 seconds, enabling Standard Chartered to offer a seamless experience.
The platform’s support structure includes global engineering expertise, compliance assistance, and round-the-clock support for smooth integration.
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,
“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.
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.”
Featured image credit: Edited from Freepik
