Standard Chartered partners Wise in cross-border payment push

Leading global bank Standard Chartered has partnered with fintech innovator Wise to boost its international payments infrastructure, a move set to dramatically enhance the bank’s cross-border payment capabilities across Asia and the Middle East.

The partnership will see Standard Chartered integrate Wise Platform’s API into its SC Remit service, enabling customers to execute international payments across 21 currencies at mid-market rates with zero markup fees.

The collaboration comes as Wise reports robust growth, with transaction volumes reaching £35.2 billion in Q2 FY25, marking a 20 per cent year-on-year increase. The fintech’s active customer base has expanded to 8.9 million users, primarily through word-of-mouth recommendations.

Particularly noteworthy for corporate clients is Wise’s achievement in reducing its cross-border take rate by 8 basis points to 59 basis points, with 6 points attributed to price reductions and 2 points to business mix optimisation. This efficiency gain directly translates to cost savings for end users.

“We’re continually improving how we deliver exceptional banking experiences for our clients”, says Samir Subberwal, Global Head of Wealth Solutions, Deposits and Mortgages, and Chief Client Officer at Standard Chartered. “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”.

The technical infrastructure underpinning this partnership is substantial, with Wise Platform maintaining over 65 licences and six direct connections to domestic payment systems. This robust network enables 63 per cent of cross-border payments to be completed within 20 seconds, setting a new standard for transaction speed in international banking.

Steve Naudé, Managing Director of Wise Platform, emphasises the strategic significance: “The partnership with Standard Chartered, one of the biggest global banks, marks a significant milestone in financial institutions investing in building better international payment experiences. With Wise Platform, Standard Chartered gains access to our extensive licence network, payment operations expertise and proven capabilities in treasury management”.

The implementation will roll out over several quarters, initially focusing on key Asian and Middle Eastern markets. Customers will have access to major currency pairs including USD, CAD, EUR, GBP, SGD, HKD, and JPY, with plans for further expansion across Standard Chartered’s global network.

The partnership represents a strategic pivot for Standard Chartered, traditionally known for its conservative approach to banking innovation. By leveraging Wise’s established fintech infrastructure, the bank aims to position itself at the forefront of digital payment transformation whilst maintaining its reputation for reliability and security.

For corporate treasurers and financial executives, this development signals a significant enhancement in international payment capabilities, combining Standard Chartered’s established banking network with Wise’s proven technology infrastructure. The partnership promises to deliver the speed and cost efficiency of fintech solutions within the trusted framework of a global banking institution.

The collaboration also highlights a broader trend in financial services, where established banks are increasingly partnering with fintech providers to enhance their digital capabilities, rather than developing proprietary solutions. This approach allows for faster deployment of innovative services whilst minimising technological risk.

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