Morgan Stanley last week became the first investment bank to partner with London-based real-time money transmitter Wise, whose Wise Platform connects banks and other financial institutions to payment rails around the world and lets them pay a set rate regardless of how the market moves.
At a time when global foreign exchange trading has soared—the New York Fed reports monthly volumes are up 27% since last year to $1.16 trillion—a wave of banks including Bank of America, Goldman Sachs, and Standard Chartered have launched similar custom tools to attract new traders.
