What is Wise's role in open finance and open banking?
Wise plays three parts in open banking and account-to-account payments. As an account provider it is a data holder: the Wise Open Banking API lets regulated third-party providers access account information, initiate payments and confirm the availability of funds on behalf of Wise customers, following the Open Banking UK standard (version 3.1.11), and Wise is a registered member of the Open Banking Directory. Its Form 20-F notes that PSD2 requires Wise Europe to provide a standardized access interface to payment accounts. Wise's report for April 1 to June 30, 2026 shows 100.00% monthly uptime for that channel and a 0.00% error rate attributable to Wise. As a payments network it connects straight to domestic payment systems instead of going through correspondent banks: it became the first non-bank directly connected settling participant in UK Faster Payments in 2018, went live on Japan's Zengin system in November 2025 as the first non-bank to connect by API, and added Malaysia as its ninth direct integration in the quarter to September 30, 2026. The 20-F says these connections carry over half of all transactions. As an API supplier, Wise Platform sells the same network to banks such as Itaú, Mandiri, Nubank and Monzo. Wise also lobbies for non-bank access: its 2026 G20+ report found only 7 of 19 G20 markets give non-bank payment providers full direct access. Its 20-F does not mention the CFPB's Section 1033 rule or PSD3, and Wise does not publish open banking traffic volumes.[1][2][3][4][5][6]
Data as of Oct 22, 2026 · Wise profile updated Oct 8, 2026 · 13 sources cited on this page · 52 fintechs profiled on this site · Markdown
How do third parties access Wise accounts through open banking?
What Wise's developer documentation, its 20-F and its quarterly open banking report say about the access it provides to licensed third-party providers.
| Item | What the record shows | Date |
|---|---|---|
| Who can connect | Financially regulated third-party providers that are members of the Open Banking Directory or hold an eIDAS certificate; others are pointed to Wise's public API | Undated docs, retrieved October 22, 2026[1] |
| What they can do | Account information service providers can query account information; payment initiation service providers can initiate payments and confirm the availability of funds | Undated docs, retrieved October 22, 2026[1] |
| Standard and onboarding | Open Banking UK standard, version 3.1.11; mutual TLS; dynamic client registration with a Software Statement Assertion from the Open Banking Directory | Undated docs, retrieved October 22, 2026[1] |
| Fallback | A bespoke Connected Applications API offers the same functions as a contingency mechanism during an outage of the Open Banking API | Undated docs, retrieved October 22, 2026[1] |
| Legal basis in the EEA | PSD2 requires Wise Europe, a Belgian payment institution, to provide a standardized and reliable access interface (an API) to payment accounts | FY26 Form 20-F, June 25, 2026[2] |
| Availability | 100.00% monthly uptime for both the open banking channel and Wise's own web and app channel in April, May and June 2026; open banking error rate attributable to Wise 0.00% | April 1 to June 30, 2026[3] |
| Speed | Open banking account information responses averaged 179.55, 201.33 and 210.15 ms in April, May and June 2026, against 254.46, 238.61 and 230.04 ms for Wise's own channel; payment initiation averaged 179.53, 153.96 and 156.44 ms | April 1 to June 30, 2026[3] |
Which payment systems is Wise directly connected to?
Wise's direct connections to domestic, mostly instant, account-to-account payment systems, in the order Wise reports them.
| Payment system | What Wise did | Date |
|---|---|---|
| UK Faster Payments | First non-bank payment service provider to become a directly connected settling participant; Wise says average GBP processing times fell from around 15 minutes to around 15 seconds | 2018[2][6] |
| EU, Singapore, Australia | Direct access to payment systems in the EU in 2020 and in Singapore and Australia in 2021 | 2020 and 2021[7] |
| Hungary | After direct access, median processing times improved by over 99% and instant-settled payments rose from 17% to 79%, per Wise | Reported September 2026[6] |
| Philippines InstaPay and PhilPaSS Plus | Direct access to InstaPay and direct settlement with the Bangko Sentral ng Pilipinas; Wise's sixth direct connection | November 4, 2024[7] |
| Japan Zengin | First non-bank to connect via the new API method and first Funds Transfer Service Provider to settle directly with the Bank of Japan; adds recipient name lookup; Wise later said transaction costs through Zengin are 70% lower than before the integration | November 25, 2025[4][8] |
| Brazil Pix | Went live during FY26, which Wise says took years of approval and integration work, as with Zengin | FY26 (year to March 31, 2026)[8] |
| Malaysia | Ninth direct integration | Quarter to September 30, 2026[5] |
| Share of traffic | Over half of all transactions routed through direct connections in FY26; 78% of transfers instant in Q2 FY27 | FY26; Q2 FY27[2][5] |
How does Wise open its network to banks, what does it lobby for, and what is not disclosed?
Wise Platform gives banks and enterprises API access to Wise's transfers, multi-currency accounts, card issuing and local payment-system network; the 20-F names Itaú, Mandiri, Nubank and Monzo as users and says Wise Platform currently generates less than 10% of revenue. In Q2 2026 Raiffeisen Bank Kosovo went live as the first bank in Kosovo on Wise Platform, GoTyme reported an 85% increase in unique users of its international payments feature, and Wise added a recipient verification API live for INR, IDR, KRW and CNY. In October 2026 Wise announced a Wise Platform partnership with OakNorth for its UK business customers.[2][9][5]
Wise's policy work centers on access to payment infrastructure rather than data-sharing rules. Its 2026 G20+ scorecard found that only Brazil, Indonesia, Japan, Mexico, Türkiye, the UK and the EU, 7 of the 19 G20 markets assessed, give non-bank payment service providers full direct access to domestic payment systems, and it asks for direct access for regulated non-banks in the next G20 roadmap. Käärmann's foreword says the test should be customer outcomes.[6]
In the US, Wise operates under state money transmitter licences; the OCC denied its national trust bank application on July 21, 2026, and Wise said a Federal Reserve policy change on master accounts had already made its original application non-viable.[10][11]
What is not disclosed: how many third-party providers use Wise's Open Banking API or how many calls it serves, whether and how much Wise uses open banking payment initiation to fund transfers, and any Wise comment on the CFPB's Section 1033 rule or on PSD3 and the EU Payment Services Regulation; the FY26 20-F describes PSD2 obligations but mentions neither.[3][2]
What does the Wise profile record on this topic?
The rows below are the entries of the Wise AI strategy profile that bear on this page, as of Oct 8, 2026; the profile holds the full record of 10 dated moves, 7 use cases and 12 sources.
| Date | Move | Detail | Source |
|---|---|---|---|
| Jul 21, 2026 | OCC denies Wise's national trust bank charter | The OCC denied the application for Wise National Trust, citing the 2025 multistate consent order's AML/CFT findings; Wise said a Federal Reserve policy change on master accounts had made its original application non-viable and that it plans to file a new application. | [10][11] |
| Jul 16, 2026 | Q1 FY27 results | Cross-border volume grew 26% to $69.3 billion, active customers rose 21% to 11.9 million for the quarter, and 77% of transfers were instant. | [12] |
| May 11, 2026 | Wise lists on Nasdaq | Wise began trading on Nasdaq under WSE with a secondary listing on the London Stock Exchange, reporting FY26 cross-border volume of $243 billion, up 31%. | [13] |
Does Wise have an open banking API?
Yes. The Wise Open Banking API lets regulated third-party providers read account information, initiate payments and confirm funds for Wise customers, following the Open Banking UK standard version 3.1.11. Wise reported 100.00% uptime and a 0.00% error rate for the channel from April to June 2026.
Is Wise directly connected to payment systems?
Yes. Wise says it has nine direct integrations, most recently Malaysia in the quarter to September 2026, after UK Faster Payments (2018), the EU, Singapore, Australia, Hungary, the Philippines, Japan's Zengin (November 2025) and Brazil's Pix. Its 20-F says over half of its transactions use these connections.
What is Wise Platform?
Wise Platform is the version of Wise's network sold to banks and large companies through APIs, covering cross-border transfers, multi-currency accounts and card issuing. Wise names Itaú, Mandiri, Nubank and Monzo as users, and says it currently generates less than 10% of revenue.
What is Wise's position on non-bank access to payment systems?
Wise argues that regulated non-banks should get direct access to domestic payment systems, ideally with a central bank settlement account. Its 2026 G20+ report found only 7 of 19 G20 markets grant full direct access, and cites its own data showing UK processing times fell 98% after it joined Faster Payments.
Has Wise commented on CFPB Section 1033 or PSD3?
Not in its FY26 Form 20-F, which describes Wise Europe's PSD2 duties, including providing an access interface to payment accounts, but does not mention the CFPB's Section 1033 rule or PSD3. Wise's public advocacy has focused on direct access to payment systems and price transparency.
- Open Banking API: Guide for TPPs on Account Access and Payment Initiation (undated page, retrieved 2026-10-22)
- Wise Group plc Annual Report on Form 20-F for the fiscal year ended March 31, 2026
- Open Banking performance and availability report, Wise Europe SA and Wise Payments Limited, April 1 to June 30, 2026 (undated PDF, retrieved 2026-10-22)
- Wise becomes first non-bank to go live on Japan's Zengin network
- Wise Group plc reports Q2 FY27 Results
- G20+ Scorecard Report 2026: Progress towards direct access and price transparency (PDF)
- Wise Granted Direct Access to Philippines' Instant Payments Infrastructure, Gets Settlement Account With BSP
- Dear Wise Owners: FY2026 letter to owners (Exhibit 99.1 to Form 6-K)
- Wise Platform Mission Update Q2 2026
- Corporate Decision #1381: Application to Charter a Subsidiary National Trust Bank, Wise National Trust (denied)
- Our U.S. national trust bank charter application (Exhibit 99.1 to Form 6-K)
- Wise Group plc reports Q1 FY27 Results (Exhibit 99.1 to Form 6-K)
- Wise debuts US listing on Nasdaq
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