UK-based money transfer giant Wise has applied to be directly regulated by the US Office of the Comptroller of the Currency in order to establish a national trust bank.
If granted a non-depository national trust bank charter, Wise will gain direct access to the Federal Reserve payment systems, eliminating the need for intermediaries. Wise National Trust is set to be located in Austin, where the company already employs around 450 staff members, as reported by Bloomberg.
This move reflects Wise’s increasing ambitions in the US market. The company recently announced its intention to shift its primary listing from London to the United States. In its application, Wise noted that it has over 1.8 million active US customers, which contribute to 20% of its overall revenue, with the US dollar accounting for 48% of its global cross-border volume.