Where traditional bank offerings for international payments rely on correspondent banking networks, which take time to process and can lead to unpredictable costs, the new solution draws on Wise’s on-the-ground presence and direct access to local payment systems to facilitate a significantly faster and more transparent process.
UniCredit announced the launch of a new international payment service for retail customers, developed in partnership with Wise, the global technology company specialising in cross-border payments. This strategic collaboration makes UniCredit the first bank in Italy to integrate a fast, secure, and transparent solution for foreign-currency payments directly into its mobile banking app.
„The new service enables international transfers from euros into several foreign currencies, with the same speed and simplicity as domestic payments. In most cases, funds are credited to the recipient within seconds,[1] with clear, competitive pricing and a streamlined user experience.” – according to the press release.
„Through the service, UniCredit’s Italian customers can quickly and easily send payments to recipients in selected countries,[2] including the UK (GBP), Switzerland (CHF), Hong Kong (HKD), Singapore (SGD) and India (INR), with more currencies in development.” – the bank said.
The initiative builds upon UniCredit’s track record of pioneering payments solutions, including the introduction of embedded FX conversion when making or receiving payments in over 120 currencies through UC PayFX, as well as advanced FX management and transaction monitoring through UC PayFX Webservice.
Raphael Barisaac, Global Head of Payments & Cash Management at UniCredit, commented: „Our mission is to transform payments into an agile, borderless experience, capable of moving with the speed and transparency of a fintech. Our customers expect simple, fast and transparent solutions at an affordable cost, even when it comes to complex transactions such as international wire transfers. This new service was created to meet exactly these needs and represents a fundamental step in this direction.”
Steve Naudé, Global Managing Director at Wise Platform stated: „This partnership marks a milestone for millions of people and businesses that rely on UniCredit for their daily banking needs. Wise and UniCredit share a clear vision and a strong consumer focus and we’re looking forward to offering an even more seamless, faster, and efficient international payments experience to UniCredit’s customers”.
The service will be rolled out to UniCredit customers in Italy starting from 21 July 2025, with plans to extend availability to additional countries in the near future.
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