Morgan Stanley is to adopt Wise’s technology platform to conduct foreign exchange international settlement for its corporate customers.

The deal marks a significant milestone in the growing number of global banks that are choosing to power their cross-border payments through Wise Platform. The capture of Morgan Stanley represents a further inflection point, as the blue-blooded institution becomes the first investment bank to use Wise technology for high-speed, cross-border settlement.

With 65+ licences and six direct connections to payment systems, 63 percent of Wise’s cross-border payments are completed instantly, under 20 seconds, providing a ready-made infrastructure for banks wishing to rid themselves of the complexity of running their own platforms.

For Morgan Stanley, the arrangement will enable the firm to focus on servicing its client base while reducing implementation timelines, says Samer Oweida, global head of foreign exchange and emerging markets.

“At Morgan Stanley, we are committed to delivering best-in-class technology solutions to our clients,” he says. “Our relationship with Wise enables us to adapt to the evolving needs of our clients and deliver one of the fastest, operationally robust and cost-effective payment capabilities in the banking industry.”