Wise Seeks New Path to US Banking with GENIUS Resubmission

Wise, a global money transfer service, is reportedly set to resubmit its US charter application under the GENIUS (General Purpose Financial) regime. The move follows a previous attempt by Wise to secure a national bank charter in the United States.

The GENIUS framework allows non-bank financial institutions to access banking services and operate with greater flexibility, potentially reducing regulatory hurdles for companies like Wise.

No specific timeline has been announced for the resubmission of the application, but it is expected to have significant implications for Wise's operations in the US market.