This is cool. Swift is a messaing app like whatsapp or imessage, but a bit more archaic.
When a bank sends a Swift message saying “customer X wants to transfer £50 from UK to customer Y’s bank P in country India” Swift does not handle the transfer, but enables the bank to tell someone to handle it.
According to this, it means Wise can now handle these transfers.
Because every bank uses Swift anyway, this enables Wise to be an almost drag-and-drop replacement in their systems to potentially get much cheaper transfers, while giving Wise much broader market share and more profit
This is really annoying. Yes it only takes a few minutes for me to update my payment details, but this is the second time I’ve had to do this in the past year and a half.
Looking at Twitxer the most annoyed people seem to be businesses. We’ve been given 18 days notice of the change, which doesn’t really work when you’ve already sent out invoices with 30 day payment terms…