Wise Granted Direct Access to Philippines’ Instant Payments Infrastructure, Gets Settlement Account With BSP
04 November 2024 - 6:30AM
Business Wire
- The direct connection to InstaPay marks Wise’s sixth connection
to domestic payment systems around the world;
- Enables instant (under 20 seconds) payments to PHP and provides
more convenient funding methods for Filipino customers spending
money
Wise, the global technology company building the best way
to move and manage the world’s money has been granted direct access
to InstaPay, the Philippines’ real-time payment system, and
can also directly settle with the Bangko Sentral ng
Pilipinas’ (BSP) real-time gross payment system, PhilPaSS
Plus1.
Wise has spent the last 14 years building an alternative to
traditional correspondent banking. With over 65 licenses globally
and now six direct connections to domestic payment systems, this
infrastructure enables over 63%2 of all Wise transactions to be
completed instantly (under 20 seconds), with an average fee of
0.62%.
Wise’s direct connection to InstaPay will enhance the
cross-border payment experience for nearly 13 million Wise
customers worldwide, and millions more users of some of the world’s
largest banks and financial institutions, such as Bank Mandiri, who
offer their customers international payments through Wise Platform.
The benefits include:
- Instant transactions when sending up to 50K Pesos from 28
currencies: Wise customers worldwide, including customers of
Wise Platform partners, can now send up to 50,000 PHP (InstaPay’s
limit) to the Philippines instantly. Customers can still send
larger sums, and while these won’t be processed via InstaPay, 94%3
of all transactions on Wise arrive in 24 hours.
- Fast and convenient withdrawals: Wise customers in the
Philippines moving funds from their Wise account to their local
banks or e-wallets will see the money4 arriving in under 20
seconds.
- Seamless top-ups for the Wise account and card in the
Philippines: Filipino customers can now fund their Wise account
and Wise card transactions quickly, affordably, and conveniently
via bank transfers or e-wallets. This feature broadens access to
the Wise Account, making it even easier for people to send and
spend globally with Wise’s competitive exchange rate and low
fees.
- Helping Wise Platform partners deliver efficient payment
experiences: Providing Wise Platform partners quicker, cheaper,
and more reliable payouts to the Philippines with high
straight-through processing rates.
Wise has continued to invest in building direct connections to
payment systems starting with the UK in 2018 where Wise was the
first non-bank to connect to the Faster Payment System (FPS). That
set the precedent for Wise to be granted direct access to payment
systems in the EU in 2020, as well as Singapore and Australia in
2021. Last month, Wise also received approval to join Japan’s
domestic payment network, Zengin, and secured a Payment Institution
licence to connect directly to Brazil’s instant payment system
PIX.
Areson Cuevas, Country Manager for Wise Philippines said:
“Six months after launching the Wise account and prepaid card in
the Philippines, we’re excited to be directly connected to InstaPay
and to directly settle with PhilPaSSPlus. This milestone, following
our successful direct integrations into five other payment systems
worldwide, marks a significant step forward in our mission to make
international payments faster, cheaper, and more convenient for our
Filipino customers, and our Wise Platform partners.”
About Wise
Wise is a global technology company, building the best way to
move and manage the world’s money.
With the Wise Account, people can hold over 40 currencies, move
money between countries and spend money abroad. Large companies and
banks use Wise technology too; an entirely new network for the
world's money. One of the world’s fastest growing, profitable tech
companies, Wise launched in 2011 and is listed on the London Stock
Exchange under the ticker, WISE.
In fiscal year 2024, Wise supported around 12.8 million people
and businesses, processing approximately £118.5 billion in
cross-border transactions, and saving customers over £1.8
billion.
1 The PhilPaSSplus is the lone Peso Real-Time Gross Settlement
(RTGS) system in the Philippines, owned and operated by the Bangko
Sentral ng Pilipinas (BSP) in accordance with its authority under
the National Payment Systems Act. 2 As of Q3’24 (Q324 Mission
Update) 3 As of Q3’24 (Q324 Mission Update) 4 For transactions up
to 50,000 PHP
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241101510219/en/
Media Alyson Tay alyson.tay@wise.com
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