European Bank UniCredit Introduces Rapid, Secure Foreign-Currency Transactions Via Collaboration with Wise Platform
UniCredit, a leading European banking group, is set to revolutionise international payments for its retail customers with the launch of a new service, in partnership with Wise, a global technology company specialising in cross-border payments. The service will be available to UniCredit customers in Italy starting from 21st July 2025, with plans to extend availability to additional countries in the near future.
The new service, which allows for fast, secure, and transparent foreign-currency payments, will be accessible via the UniCredit mobile banking app. Transfers from euros to several foreign currencies will be possible, and transaction speeds are often within seconds, offering the same speed, cost, and simplicity as domestic payments.
Raphael Barisaac, Global Head of Payments & Cash Management at UniCredit, emphasised the mission to transform payments into an agile, borderless experience. He stated, "We are excited to partner with Wise to offer our customers a more seamless, faster, and efficient international payments experience."
Wise's on-the-ground presence and direct access to local payment systems will facilitate a significantly faster and more transparent process for the new international payment service. The service will bypass traditional bank offerings that rely on correspondent banking networks, which can take time to process and lead to unpredictable costs.
The new service also offers clear, competitive pricing and a streamlined user experience. UniCredit customers can send payments to recipients in the UK, Switzerland, Hong Kong, Singapore, and India using this service, with funds being credited to the recipient within seconds in most cases.
UniCredit has previously introduced embedded FX conversion for making or receiving payments in over 120 currencies through UC PayFX. Additionally, UniCredit offers advanced FX management and transaction monitoring through UC PayFX Webservice. More currencies are in development for this service.
Steve Naudé, Global Managing Director at Wise Platform, expressed his excitement about the partnership, stating, "We are proud to partner with UniCredit to offer a more seamless, faster, and efficient international payments experience to their customers."
The new service aims to meet customer needs for simple, fast, and transparent solutions at an affordable cost, even for complex transactions like international wire transfers. With this innovative service, UniCredit is set to redefine the international payment landscape for its customers.
The new service, available through UniCredit's mobile banking app, will facilitate cross-border payments by providing a faster, secure, and transparent foreign-currency payments experience for business transactions. This partnership with Wise not only aims to transform payments into an agile, borderless experience but also offers competitive pricing and an efficient process, bypassing traditional bank offerings relying on correspondent banking networks.
