Wise Platform, the global payments infrastructure developed by Wise, has rolled out a new service that provides a wider range of global cross-border payments options for financial institutions and their customers.

Developed in collaboration with Swift, Wise Platform’s new Corresponded Services allows payments sent via Swift to be completed over Wise ensuring end-to-end transparency.

The new feature allows financial institutions to route Swift messages directly to Wise Platform after one configuration change.

The move aims to make payments faster and more convenient using Swift’s technologies, without any major changes in the current Wise’s infrastructure.

The system also provides a range of improved capabilities, including cloud and API connectivity and payment pre-validation, and a payment status tracker which will be further updated to ensure end-to-end visibility across both networks.

The move comes as increased innovation and fragmentation in the financial sector is calling for more ways for payment transaction, leading to more consumer demand for choice, Wise said in a statement.

Banks have faced challenges when it comes to international payments, including requirements to embed technology compatible with legacy infrastructure, managing director of Wise Platform Steve Naudé explained.

“Our network, combined with Swift’s extensive reach and trackability, will make international payments more convenient, faster and lower cost for banks, without necessitating a major tech build,” he added.

Currently, Wise’s global payments network enables over 57% of customers’ cross-border payments to settle instantly (in under 20 seconds), and over 90% to settle in under an hour.

Thierry Chilosi, chief strategy officer at Swift, said: "Cooperation such as this will be vital in our collective efforts to achieve the G20 targets for cross-border payments and enable the seamless, efficient and secure movement of value around a fragmented world."

Last week, Wise Platform announced its partnership with AbbeyCross to enhance the efficiency and transparency of international foreign exchange (FX) payments.

The new collaboration particularly focuses on emerging markets, enabling users to get access to faster and lower-cost international payments.

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