Who were the other contenders, and why was Wise superior?

Regarding other contenders, I can't answer directly due to confidentiality, but I can say if I were to do an RFI, some payment companies I'd consider include Visa Direct. They're investing billions into their Visa Direct proposition, with around 1.2 to 1.4 billion in moving money. Visa Direct is more focused on retail SME, while B2B Connect is on the corporate side. Historically, Visa Direct was card-to-card payments, but with acquisitions like Currencycloud, YellowPepper, and Earthport, they now offer a much more holistic service. Currencycloud is a good offering, but Visa faces challenges in consolidating these platforms, which may affect their product innovation.

Who were the other contenders, and why was Wise superior?

I would also look at providers like RIA and Dandelion. Their platform has improved, but it's not as modern as Wise. I would also consider JP Morgan, although I'm not too familiar with their platform, and Citi, which has a platform called WorldLink. Historically, it's been corporate-focused, but they're investing over a billion to adapt it for platform and retail payments. However, they still lack faster payment and wallet integrations, which might be a consideration for some.