Morgan Stanley Teams Up With Wise for FX Payment Settlement

Morgan Stanley has teamed up with cross-border money transmitter Wise to settle foreign-exchange payments for the investment bank’s corporate clients, a service traditionally led by money-center banks.

Using the Wise platform, Morgan Stanley can settle payments for corporate clients buying goods priced in a local currency from international vendors or suppliers, among other uses, according to Samer Oweida, the firm’s global head of foreign exchange and emerging markets.

The new feature is part of Morgan Stanley’s newly launched TFX Hub, which serves foreign-exchange needs of corporate and institutional clients. The FX payment settlement function went live earlier this month ...