Wise Secures Direct Access To Japan’s Payment Processing Network

Wise, a financial technology company based in the United Kingdom, has gained direct access to Japan’s payment clearing network. According to the report, this is the first time that Japan has allowed any foreign firm to access Japan’s bank payment system known as Zengin.

The company said having this access will allow it to skip the middle banking institutions that usually help process and settle transactions in Japan. By doing this, Wise can reduce fees and speed up how quickly payments can be completed.

If the firm can do what it plans, it might put more pressure on other companies in Japan’s payment market, which could lead to more choices and better services for customers.

Wise Introduces A Low Transfer Fee Of 0.67% In Japan

The World Bank noted that Japan has one of the highest costs for sending money, called remittance payments, at 6.94%. In comparison, Wise said its average fee for international payments is just 0.67%. The company plans to introduce more customers to pay using its platform with its lessened payment fee.

This exciting news comes after Wise received a license from the Reserve Bank of India. With this new license, the firm is looking to grow in the fast-growing Indian remittance payments market. The company is eager to expand its reach and provide better options for sending money across borders.

In another important update, Wise and Swift announced they will work together to improve cross-border payment choices for banks and their customers.

With this collaboration, payments sent through Swift can be completed using Wise’s services, giving a clear view of the payment process from start to finish. This means that banks will be able to use Swift payment messages directly with Wise Platform.

Wise Platform Enables Banks And Large Firms To Send Funds Fast And Easily

Wise platform is designed for banks and large companies to help them send money quickly and easily. Financial institutions that want to modernize their services can use the new Correspondent Services solution. This allows them to connect with Wise without needing to change their systems much.

The platform will use advanced features from Swift to improve its service, including cloud connections and special tools for checking payments before they are sent. The company will also keep all the important features of Swift GPI, including a tracker that shows the status of payments, ensuring that customers can see where their money is at all times.

The partnership with Swift was revealed at the Sibos conference in Toronto. Both firms have developed a larger relationship. As the finance world gets more complex, people want simpler ways to send money and are looking for more options to move their money.