Instead of developing better cross-border payment processing capabilities organically, the investment bank has chosen to join an existing third-party payment infrastructure
Amid increasing competition and widespread digitalization of the financial industry, investment banks and other financial services firms are compelled to enhance their product offerings with advanced technology to optimize efficiency, speed, and cost-effectiveness.
To boost its foreign exchange international settlement capabilities for corporate clients, one global financial services firm is doing just that. On 18 December 2024, Morgan Stanley announced the engagement of a financial technology partner to offer high-speed cross-border settlements as part of its commitment to delivering enhanced financial solutions through seamless and efficient technology.
By leveraging the technology partner’s global payments infrastructure, Morgan Stanley will be evolving its transactional foreign exchange services, catering to the sophisticated needs of corporate and institutional clients. This integration streamlines settlement processes, enhances operational efficiency, and reduces implementation timelines, aligning with Morgan Stanley’s one-firm, integrated, cross-divisional approach to financial services.
Said the firm’s Global Head of Foreign Exchange and Emerging Markets, Samer Oweida: “This enhancement allows us to adapt to the evolving needs of our clients and deliver one of the fastest, operationally robust, and cost-effective payment capabilities in the banking industry.”
This initiative positions Morgan Stanley as the first investment bank to implement this level of corporate payment capabilities with an advanced global payments infrastructure. By integrating state-of-the-art financial technology, the financial services firm is strengthening its ability to provide transparent, fast, and cost-effective solutions to its clients worldwide.
According to Steve Naudé, Managing Director, Wise, the payment technology partner involved, this relationship marks a milestone in the growing number of global banks that are choosing to power their cross-border payments through technological integration with similar platforms: “Morgan Stanley has a strong and clear payments vision for the experiences and solutions they want to offer their customers, and we’re thrilled to be working with them to enable their corporate payment capabilities and bring fast, cost-effective, transparent and easy payments to (their) clients.”
