OakNorth taps Wise Platform for international payments

OakNorth has selected Wise Platform to provide international payments for its UK business customers, expanding cross-border payment options for companies banking with the lender.

Under the agreement, OakNorth customers with annual turnover of £1 million to £100 million will be able to make international payments in more than 20 currencies, including euros, US dollars, pounds sterling, Indian rupees, Hong Kong dollars and Chinese yuan. Wise says 77% of payments on its network are completed instantly, in under 20 seconds, and transactions are offered at the mid-market exchange rate.

The move targets a market where overseas transfers are becoming more common for smaller businesses. The service is aimed at firms paying suppliers abroad, working with overseas partners or entering new markets.

Research cited by Wise points to the scale of that activity. UK small and medium-sized enterprises are projected to send more than £615.5 billion overseas, while such payments are forecast to grow 22% between 2026 and 2029.

The same research estimated that hidden costs in traditional cross-border payments could cost UK SMEs £7.5 billion. These costs include exchange-rate margins and other fees that are not always clear when a payment is made.

SME demand

The partnership reflects a broader push by banks and financial technology groups to capture more of the business payments market. For lenders serving growing companies, international payments have become a more prominent part of day-to-day banking as customers expand supply chains and customer relationships beyond the UK.

OakNorth, which has focused on lending to entrepreneur-led businesses since launch, is positioning the new service around transparency on fees and delivery times. Its target customer base sits in the lower mid-market, a segment that often needs more complex banking services than microbusinesses but may still face limits in what traditional banks provide.

Wise Platform provides payment infrastructure for financial institutions and online platforms. It holds more than 80 licences and has direct access to domestic payment systems in nine markets, allowing it to route transfers through local rails rather than relying solely on correspondent banking networks.

That model has helped Wise build a business selling payment infrastructure to other institutions as well as serving retail and business customers directly. Institutions it cites as platform users include Monzo, UniCredit, N26, Morgan Stanley and Standard Chartered.

For OakNorth, the addition broadens its business banking offering beyond lending and deposits. The feature is intended to reduce the time customers spend managing overseas payments.

"UK businesses are increasingly operating across borders, but moving money internationally can still be unnecessarily complex and expensive. For small businesses in particular, every pound lost to hidden fees is money that could otherwise be invested back into growth. Wise Platform is built to make cross-border payments fast, transparent and low-cost, and we're excited to work with OakNorth to help their customers maximise the value of every transaction they make," said Manuel Sandhofer, EMEA General Manager at Wise Platform.

Cross-border payments have become a competitive focus for digital banks and payment providers as business customers seek faster settlement and clearer pricing. Banks that have traditionally relied on established international payment networks face pressure from specialist firms offering lower visible fees and foreign exchange rates closer to the market rate.

Banking offer

OakNorth says its customers increasingly expect business banking services that support international trading activity as they grow. The bank's client base includes scaling companies that may be handling higher-value supplier and partner payments across several markets.

"Our customers are ambitious businesses with increasingly global needs, and they need banking services that can keep up with the pace of their growth. Whether they're paying suppliers overseas, entering new markets or working with international partners, knowing what their payments will cost and when their money will arrive are non-negotiable. By integrating Wise Platform, we can give our customers a better and more transparent way to move money internationally, helping them spend less time managing cross-border payments and more time focused on growing their businesses," said Peter King, Director of Business Banking at OakNorth.

OakNorth has provided more than USD $22 billion in lending to thousands of entrepreneur-led businesses across the UK and US. According to the bank, that lending has supported the creation of more than 70,000 jobs and generated more than USD $53 billion in economic value.