Wise Pushes for US Trust Bank

Wise Applies for US National Trust Bank Charter, Eyes Direct Access to Fed Systems, reports Finextra.

UK fintech leader Wise has formally submitted an application to the US Office of the Comptroller of the Currency (OCC) to establish a non-depository national trust bank. If granted, this charter would allow Wise to integrate directly with Federal Reserve payment systems, bypassing traditional intermediaries.

The proposed institution—Wise National Trust—would be headquartered in Austin, Texas, where Wise already employs around 450 staff. The application highlights Wise's expanding US footprint, citing 1.8 million active American customers who generate 20% of its global revenue. The US dollar now accounts for nearly half of the firm’s total cross-border transaction volume.

This strategic move follows the company’s announcement that it plans to shift its primary listing from London to the United States. Wise joins other fintechs like Circle and Ripple, which have also recently filed for US bank charters.