Wise 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 Plus.
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, fast and convenient withdrawals and seamless top-ups for the Wise account and card in the Philippines
Wise platform partners are also provided with quicker, cheaper and more reliable payouts to the Philippines with high straight-through processing rates.
Recently, Wise 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, 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.”