Wise is considering applying for a banking license as it develops infrastructure for a global money movement network.
In recent months, the company has engaged with major financial services players about positions related to establishing a banking business in the UK, as reported by The Times. These plans are currently in the early stages. Wise is already a member of the UK’s high-value payment network, Chaps, and obtaining a banking license would enable it to directly pay interest on electronic money, providing an alternative to returns from money market funds and stock portfolios.
This development follows Wise’s application for national trust bank status in the US. If successful in securing a non-depository national trust bank charter, Wise could connect directly to Federal Reserve payment systems, eliminating the need for intermediaries.
The firm has been significantly investing in its infrastructure to access key payment rails directly, aiming to process over a billion pounds in transactions and facilitate the movement of trillions of pounds globally.