Wise Files Application to Create National Trust Bank in US

London-headquartered payments firm Wise reportedly filed an application to create a national trust bank in the United States.

The application was filed June 16 with the U.S. Office of the Comptroller of the Currency (OCC), Bloomberg reported Wednesday (July 2).

Read more: Ripple Applies for National Banking License

If the OCC grants the charter, Wise’s national trust bank would be directly regulated by the OCC; would have a hub in Austin, Texas, where the company already has a presence; and would be able to connect directly to the Federal Reserve’s payment rails to clear and settle U.S. dollar-based payments, the report said, citing documents related to the application.

The charter would also allow Wise to reduce its reliance on third-party banking partners and gain more flexibility in expanding its offerings, according to the report.

Because the company offers accounts that allow its customers to manage and hold funds in different currencies, the charter would allow it to shift U.S. customers to a master trust account for which it would be a trustee or a custodial account with a U.S. depository institution, the report said.

Wise’s circular on moving its primary listing from London to the U.S. — a move the company announced in June — is expected to come this month and then go to a shareholder vote, per the report.

The company announced June 5 that it intends to move its primary listing to a stock exchange in the U.S. while maintaining a secondary listing on the London Stock Exchange (LSE), PYMNTS reported at the time.

The proposed dual listing would bring “substantial strategic and capital market benefits” to the company and its owners, Wise Co-founder and CEO Kristo Käärmann said in the company’s financial year results.

“These include helping us drive greater awareness of Wise in the U.S., the biggest market opportunity in the world for our products today, and enabling better access to the world’s deepest and most liquid capital market,” Käärmann said. “A dual listing would also enable us to continue serving our U.K.-based Owners effectively, as part of our ongoing commitment to the U.K.”

In December, Morgan Stanley tapped the company’s Wise Platform to offer its clients high-speed cross-border settlements.