What Wise Platform is
Wise Platform is how banks, financial institutions and businesses plug into the network of Wise, the money transfer company launched in 2011 as TransferWise. Through its API they send and receive money across borders, hold multi-currency accounts and issue cards.
Wise has direct access to domestic payment systems in several markets, including the UK, Europe, Australia, Brazil and Japan, and banks can connect to it by API or by SWIFT message. It is authorised by the FCA in the UK and by the National Bank of Belgium in the EEA, among other licences. Banks, marketplaces and travel, education and workforce platforms use it, which is why it is one of the providers our payouts and FX modules connect to.
What it does in your platform
Payouts
Sends payouts abroad in the recipient's currency, over local rails where Wise has them. Each transfer is made from a quote and a recipient, then funded, and its webhooks follow it to the recipient's account.
FX
Gives the FX module live rates and conversions. A Wise quote locks the mid-market rate for the transfer made from it, so the rate behind the customer's quote holds while they confirm.
How the connection works
One connector talks to the Wise Platform API. The credentials stay in the platform, and Wise reports every change to a transfer by webhook, signed with Wise's key so the module can verify it.
A payout is requested
A contractor in Australia is owed Australian dollars from your euro balance. The module screens the payout and holds the amount in the ledger.
A quote locks the rate
The module asks Wise for a quote from euros to Australian dollars. It locks the mid-market rate and gives an estimated delivery time.
Recipient and transfer
The contractor's bank details become a Wise recipient, and the module creates the transfer from the quote and the recipient.
The transfer is funded
The module funds the transfer and Wise starts processing it, paying out over Australia's domestic payment system, where Wise has direct access.
Webhooks follow it
Each state change arrives as a transfers#state-change webhook with an X-Signature-SHA256 header. The ledger books the payout, and a failure or refund comes back the same way.
Next to other payout networks
In payouts, Wise Platform sits next to Currencycloud, Nium, Adyen for Platforms, Stripe Connect and your own bank rails. The module routes each payout to the provider with the best coverage and speed for it, with a fallback if one is down.
In FX, Wise is one of the liquidity sources the module compares, and quoting carries on if one source stalls. Adding or switching a network changes a connector; your apps, screens and ledger stay the same.
When Wise Platform fits best
A strong fit when
- You pay people and businesses in many countries, in their own currency.
- You want payouts sent over local rails in the recipient's country wherever Wise has them.
- You want the rate locked when the customer sees the quote.
Also worth a look
- Another payout network with deeper coverage in a corridor you use most, routed next to Wise.
- Your own bank partner for the currencies it already covers.
How we get you live
The contract
We help you get your Wise Platform account and contract in place, for your currencies and the way you will use it.
The routes
We set up with you which currencies and countries go through Wise, how transfers are funded and which payouts need a second approval.
The keys
The API credentials stay in your platform's secrets, and webhook signatures are checked against Wise's public key, so every update is proven to come from Wise.
A full test run
Quotes, transfers and webhooks run in Wise's sandbox, from quote to payout, before your first real transfer.
