Morgan Stanley is set to utilize Wise’s technology platform for foreign exchange international settlements for its corporate clients.
This partnership represents a significant milestone as more global banks opt for Wise Platform to enhance their cross-border payment processes. Morgan Stanley’s adoption of Wise technology marks it as the first investment bank to leverage this solution for high-speed cross-border settlements.
Wise boasts over 65 licenses and six direct connections to payment systems, enabling 63 percent of its cross-border payments to be completed in under 20 seconds. This functionality provides banks with a streamlined infrastructure, eliminating the complexities associated with maintaining their own platforms.
For Morgan Stanley, this arrangement will allow the firm to concentrate on serving its clients while minimizing implementation timelines. Samer Oweida, global head of foreign exchange and emerging markets, stated, “At Morgan Stanley, we are committed to delivering best-in-class technology solutions to our clients. Our relationship with Wise enables us to adapt to the evolving needs of our clients and deliver one of the fastest, operationally robust and cost-effective payment capabilities in the banking industry.”