Wise gets wise to US payments system

We finish this week’s briefings with several stories of payments businesses from fintechs to crypto operators looking to get direct access to the US banking system and the Federal Reserve’s payment infrastructure. We start with payments companies Wise which is looking for a national trust bank charter in the US as it deepens its links with the country, where it is also planning to move its main share listing. “If granted, Wise is hoping to use the national trust bank charter to connect directly to the payment rails of the Federal Reserve in order to clear and settle US dollar-based payments, according to the application,” reports Bloomberg. “The US dollar is already Wise’s largest currency, representing almost half of the company’s cross-border volume, the application shows.” A national trust bank charter – also in the news this week after Circle also applied for this status – would allow Wise (and Circle) to reduce reliance on third-party partners by allowing them direct access to the national payments system. “The national charters could also replace the existing system of holding money transmitter licenses in each state where these businesses operate. A national payments charter has long been a goal for fintech startups.”