Friday, September 29, 2023

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Sibos 2023: Cross-border payments dominate day one of Sibos with Swift-Wise partnership announced

Swift partners with Wise for cross-border payments, offering enhanced services during the Sibos conference.


  • Swift has partnered with UK-based fintech Wise to expand cross-border payment options for financial institutions and customers.
  • The partnership was announced at the Sibos conference in Toronto.
  • Financial institutions can now send Swift payment messages to Wise Platform without system changes.
  • Wise Platform will leverage advanced Swift capabilities, including cloud technology and API connectivity.
  • It will adhere to Swift GPI standards, providing end-to-end payment visibility.
  • The partnership aims to make international payments faster and more cost-effective.
  • The Sibos conference discussed the future of low-value cross-border payments.
  • Banks are focusing on facilitating cross-border payments for SMEs.
  • Alternative payment models are emerging in the low-cost cross-border payments market.
  • Compliance and regulatory alignment are challenges for alternative models.
  • The Asian market faces unique challenges in adopting alternative payment models.
  • The Sibos conference promises an intriguing industry agenda beyond the event.

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