Toronto-based Wealthsimple has officially joined the SWIFT global financial messaging network, marking the first time a Canadian fintech has gained direct membership. The move puts the company among only a handful of fintechs globally to access the system used by 11,000 financial institutions to move trillions of dollars across borders.
By joining SWIFT, Wealthsimple will be able to handle international wire transfers directly rather than relying solely on intermediary banks. For clients, this transition is expected to provide end-to-end tracking for wires and real-time status updates on where their money is in the global banking system.
“Many Canadians rely on international wire transfers, and yet to date, the experience has been clunky and expensive. We want to fix that,” said Hanna Zaidi, VP of Payments Strategy at Wealthsimple, in a statement to iPhone in Canada. “Our SWIFT membership is going to unlock faster, simpler, and more transparent international money transfers for the more than three million Canadians who trust Wealthsimple.”
Why SWIFT Membership Matters
The primary benefit of the SWIFT network is standardization. It provides a secure and reliable common language for banks worldwide, ensuring that payment instructions are understood across different countries and currencies. For Wealthsimple, this direct access removes layers of friction, which typically results in lower fees and faster processing times for users sending money abroad.
The company is currently finishing technical and security certifications, with a full launch for customers expected this spring.
Real-Time Payments Coming Soon
This announcement follows Wealthsimple’s push into Canada’s upcoming Real-Time Rail (RTR) payment system. As the first non-bank with a direct settlement account at the Bank of Canada, Wealthsimple plans to offer instant money movement between different financial institutions once the RTR is fully operational.
“Innovations like Real-Time Rails have a meaningful potential to improve the prosperity and user experience of clients at Canadian financial institutions,” said Donna Kinoshita, Payments Canada’s Chief Payment Officer.
Wealthsimple remains the only securities dealer to hold membership with Payments Canada, the organization that operates the country’s national payment systems.
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