Wise, the global technology company building the best way to move and manage the world’s money has been granted direct access to InstaPay, the Philippines’ real-time payment system, and can also directly settle with the Bangko Sentral ng Pilipinas’ real-time gross payment system, PhilPaSS Plus.
With over 65 licenses globally and now six direct connections to domestic payment systems, this infrastructure enables over 63 percent of all Wise transactions to be completed instantly (under 20 seconds), with an average fee of 0.62 percent.
Wise’s direct connection to InstaPay will enhance the cross-border payment experience for nearly 13 million Wise customers worldwide, and millions more users of some of the world’s largest banks and financial institutions, such as Bank Mandiri, who offer their customers international payments through Wise Platform. The benefits include Instant transactions when sending up to P50,000; fast and convenient withdrawals; seamless top-ups for the Wise account and card in the Philippines: delivery of efficient payment experiences to Wise Platform partners and quicker, cheaper, and more reliable payouts to the Philippines with high straight-through processing rates.
