Wise, a global fintech company, has recently gained direct access to InstaPay, the Philippines’ real-time payment system, and established a direct settlement account with the Bangko Sentral ng Pilipinas (BSP) through PhilPaSS Plus, the nation’s real-time gross payment system.
The integration is set to transform cross-border payments for millions while allowing the global fintech company to deliver near-instant transactions for Filipino customers, thus advancing the company’s mission to make international payments faster, more affordable, and more accessible.
This development marks Wise’s sixth direct connection to a domestic payment system globally and reflects its ongoing efforts to expand beyond traditional correspondent banking.
With over 65 financial licenses worldwide, the global fintech company’s direct integration into InstaPay enables Philippine peso (PHP) transactions to be completed in under 20 seconds. This means Filipinos can now benefit from faster transfers, lower fees, and more convenient funding options for cross-border transactions.
For the global fintech company’s nearly 13 million customers worldwide and users of Wise Platform partners like Indonesia’s Bank Mandiri, this connection introduces seamless, real-time payment experiences to the Philippines.
Among the most notable benefits for Filipino customers are the following:
- Instant transactions for international remittances: Customers can now send up to 50,000 PHP, InstaPay’s transaction limit, from 28 different currencies to the Philippines instantly. Although higher amounts are processed through other channels, 94% of transactions on the global fintech company are completed within 24 hours, ensuring timely delivery.
- Efficient withdrawals: Wise customers in the Philippines moving funds from their Wise accounts to local banks or e-wallets will experience nearly instant access to their funds, arriving within seconds. This improvement is expected to streamline daily transactions for customers, especially those who rely on e-wallets for cashless payments.
- Quick top-ups for Wise accounts and cards: For Filipino customers, funding Wise accounts and the global fintech company’s card transactions can now be done easily via bank transfers or e-wallets. This feature opens broader access to the company’s competitive exchange rates and low fees, making it easier to manage global transactions affordably.
- Enhanced services for platform partners: For Wise’s partners worldwide, including major banks and financial institutions, this new direct link to the Philippines provides more reliable and cost-effective payouts, boosting the appeal of the global fintech company’s cross-border payment capabilities.
Wise’s integration with InstaPay makes payments faster, cheaper
Areson Cuevas, Wise’s Country Manager for the Philippines, expressed optimism about this milestone: “Six months after launching the Wise account and prepaid card in the Philippines, we’re excited to be directly connected to InstaPay and to settle transactions directly with PhilPaSS Plus. This achievement, alongside our other direct integrations in global markets, strengthens our commitment to making international payments faster, cheaper, and more convenient for Filipinos and our Wise Platform partners.”
In June this year, the global fintech company reported robust FY24 results with 29% customer growth and strategic investments, underscoring its dedication to making cross-border payments more accessible and efficient.
The company has also been steadily building a network of direct connections to payment systems worldwide, starting with the UK’s Faster Payments System (FPS) in 2018. Since then, the company has secured similar connections to domestic payment systems in the European Union, Singapore, and Australia, and recently joined Japan’s Zengin payment network and Brazil’s instant payment system, PIX.
This strategic expansion allows the fintech firm to process 63% of its transactions instantly, at an average fee of just 0.62%.
Direct access to InstaPay is also expected to ease remittances for overseas Filipino workers (OFWs) who rely on fast and cost-effective ways to send money home. By reducing transaction times and fees, the global fintech company offers a competitive alternative to traditional remittance channels, potentially making a significant impact in a country where remittances are a major economic pillar.
A part of the company’s dedication to innovative, customer-centric solutions
Wise’s integration with InstaPay is part of the company’s long-standing dedication to innovative, customer-centric solutions in financial technology.
The Wise Account, which allows users to hold over 40 currencies, move money globally, and manage cross-border transactions, has become a popular tool for individuals and businesses alike.
By providing efficient and low-cost services, the global fintech company positions itself as a valuable platform for anyone navigating the global economy.
With this latest step, Wise is poised to expand its footprint in the Philippines, a country with a rapidly growing adoption of digital payments and a strong demand for accessible international money transfers.
As the digital finance landscape evolves, the global fintech company’s direct access to InstaPay marks a new chapter for e-payment solutions in the Philippines, reinforcing Wise’s role as a leading player in the world of instant cross-border payments.