The process sounds very laborious. I think you mentioned it could take about two years to get everything squared away before being granted a license. Once you have the licenses and have found a few banks willing to partner with you, how long does the integration process with the banks take before you can start accepting payment flows?

Once you're in the licensing process, you're juggling many things simultaneously. In the final stretch, the last six months, it takes about six months to integrate with the banks. Everyone says about three months, but in my experience, it's about six months. There are three stages, even with the banks. First, you get the approval to open the account, which is conditional on your license. Once that approval is given, there's a whole application process to physically open the account. It makes no sense to me, but it's a separate process. So, there's the agreement to work with the bank. Then, once you get your license, you have an account opening process. The integration is only subsequent to the accounts being opened because, to integrate, you need to have the accounts for user acceptance testing. You need real accounts to send dummy transactions to ensure everything works. The technology part could be quick if you have the right resources on both sides, the bank and the company. It could take two to three months.

I understand that. But my understanding was that a bank could select Wise as a correspondent bank, is that right? There was a recent announcement that Wise is now connected to Swift. My understanding is that the bank can now select Wise as the correspondent bank, and the transfer would occur through Wise's direct connection, is that correct?

What Wise has done is connect via API while respecting and speaking in the same format that the bank systems recognize. So the bank no longer has to worry about Wise requiring a different format. They can use whatever files their system produces automatically for relaying onto the Swift platform. Instead of going via the Swift machine, they go via API connection to Wise. Wise can respond back in the same format, such as the Swift 103 message for instructions and the 900 message for confirmation of a debit or credit.