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.