AI-powered cross-border payments now within reach for Philippine businesses

AI and automation are redefining how Filipino businesses handle cross-border transactions, promising faster processing and lower foreign exchange losses.

Cross-border payments remain a major headache for Filipino micro, small, and medium enterprises (MSMEs) and freelance professionals. Traditional systems often involve delays, hidden fees, and fluctuating exchange rates, forcing companies to spend time and resources just to move money internationally.

Industry data shows Filipino MSMEs lost an estimated P39.5 billion in 2024 alone to foreign exchange markups charged by conventional banks and payment providers. Despite these inefficiencies, nearly half of these businesses continue to rely on traditional channels. 

With the sector comprising 99.6 percent of registered firms in the Philippines, and two-thirds expecting cross-border transactions to rise within six months, the demand for faster, more cost-efficient solutions is urgent.

Technology-first solutions

Enter Wise Business, a fintech platform designed to streamline international payments using technology-first solutions. The platform allows users to send, receive, hold, and convert funds in over 40 currencies, providing transparent fees, real-time exchange rates, and AI-driven safeguards against financial crime.

“For us, the mission is simple: make international payments work as seamlessly as local transfers,” said Areson Cuevas, Wise’s Philippine Country Manager. “Whether you’re a startup scaling abroad or a freelance professional working with overseas clients, Wise Business is built to simplify how you move and manage money globally.”

A standout feature is Wise’s direct integration with the Philippine national registry and E-Verify system, a first for a global fintech operating in the country. This integration allows instant account verification for individuals and businesses, reducing onboarding from days to minutes.

“This integration isn’t just about compliance—it’s about giving Filipinos faster, safer international transfers,” said Numair Fazili, Singapore-based Wise product manager. “No other global fintech has done this here yet. It took months of engineering and collaboration, but it’s the kind of infrastructure work that pays off for customers who rely on Wise every day.”

Leveraging AI engines

Beyond verification, Wise Business leverages AI engines to monitor for financial crime, ensuring transactions comply with anti-money laundering regulations while minimizing interruptions for legitimate users. Businesses can now open accounts, receive international payments in local and foreign currencies, and convert funds at pre-set exchange rates, all without manually tracking fluctuations.

The platform also scales with business growth. Features include batch payments, multi-user access, automated invoicing, and integrations with accounting software like Xero. Users can issue Wise Business Cards, both digital and physical, for direct spending from multi-currency accounts online or in stores.

“Our users don’t just need a way to send money—they need a system that moves with them,” Cuevas said. “Many Filipino professionals who began as individuals are now registered businesses. Wise Business grows alongside that journey, giving them the same financial tools that large companies use, without the complexity.”

Globally, Wise processes over $230 billion annually and holds more than 70 licenses worldwide, including approval from the Bangko Sentral ng Pilipinas. For local users, this guarantees both security and reliability while connecting them to a network already proven in mature markets like the US and Europe.

Addressing real needs

By building infrastructure tailored to the local regulatory environment and leveraging AI for verification and fraud prevention, Wise demonstrates how technology can meet the real needs of Filipino businesses.

“With the Philippine digital economy growing rapidly, tools like Wise Business can make a real difference in how companies operate globally,” Fazili said. “Every improvement we implement here helps us develop solutions for other markets facing similar challenges.”

For MSMEs, partnerships, and freelance professionals operating internationally, Wise Business offers speed, transparency, and tech-driven efficiency, potentially transforming how businesses manage cross-border payments in the Philippines.

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