UK-based digital business bank OakNorth has partnered with Wise Platform, the global payments infrastructure division of Wise, to strengthen its international payment services and provide businesses with faster, more transparent cross-border transactions.
Announced on October 7, 2026, the partnership will integrate Wise Platform's payment infrastructure into OakNorth's business banking offering, enabling UK customers to make international transfers in more than 20 currencies at the mid-market exchange rate.
The service is designed for growing businesses with annual turnover ranging from £1 million to £100 million, supporting companies that regularly send payments to international suppliers, commercial partners, and other overseas recipients.
Through Wise Platform's infrastructure, OakNorth customers will gain access to international payment capabilities supported by a global network spanning more than 200 countries and territories and over 110 currencies.
The integration is expected to simplify international payment processes by offering businesses greater transparency over currency conversion costs and transfer delivery times.
According to Wise, 77% of payments processed through its global infrastructure are completed in under 20 seconds, reflecting the company's focus on improving the speed and efficiency of international financial transactions.
The partnership comes as UK businesses increasingly expand into international markets, creating growing demand for reliable and cost-effective cross-border payment services.
Research commissioned by Wise and independently conducted by Edgar, Dunn & Company projects that UK small and medium-sized enterprises will send more than £615.5 billion internationally in 2027.
The same research estimates that overseas payment volumes among UK SMEs could increase by 22% between 2026 and 2029, highlighting the growing importance of international financial connectivity for smaller businesses.
Despite this expansion, international payments continue to present financial challenges. Wise estimates that hidden fees associated with traditional cross-border transactions could cost UK SMEs approximately £7.5 billion in 2027.
These costs, often linked to exchange-rate markups and transaction charges, can place additional pressure on businesses operating with international suppliers or managing overseas commercial activities.
Manuel Sandhofer, EMEA General Manager at Wise Platform, highlighted the importance of reducing the complexity and costs associated with international payments, particularly for smaller businesses seeking to expand their operations.
He explained that the partnership is intended to help OakNorth customers access more efficient payment infrastructure while retaining greater value from their international transactions.
Peter King, Director of Business Banking at OakNorth, emphasized that the bank's customers increasingly require financial services capable of supporting their international ambitions.
He noted that businesses need greater certainty over transaction costs and payment delivery times when working with overseas suppliers, entering new markets, or developing international partnerships.
By incorporating Wise Platform's technology, OakNorth aims to provide a more integrated banking experience, enabling customers to manage international payment requirements through their existing business banking relationship.
Wise Platform operates through a global payment infrastructure supported by more than 80 regulatory licences and direct connections to domestic payment systems in nine markets.
Its technology is already used by several major financial institutions, including Standard Chartered, Monzo, UniCredit, N26, and Morgan Stanley, to support international payment services.
For OakNorth, the partnership represents an expansion of its business banking capabilities beyond financing and deposit services, strengthening its offering for entrepreneur-led and growth-oriented companies.
Founded in 2015, OakNorth has developed a business-focused banking model serving companies that are often underserved by traditional financial institutions.
The bank has provided more than $22 billion in lending to businesses across the United Kingdom and United States, supporting thousands of companies and their expansion plans.
The agreement reflects a broader trend in financial services, where banks are increasingly collaborating with specialized fintech infrastructure providers to modernize payment operations without building global payment networks independently.
As international business activity grows, such partnerships are becoming increasingly important in improving transaction speed, cost transparency, and access to global financial markets.
The OakNorth and Wise Platform collaboration highlights the continued development of embedded financial infrastructure as banks seek to provide businesses with more efficient tools for managing cross-border transactions.
