Global Fintech Wise To Resubmit US National Trust Bank Charter Application Under GENIUS Act Regulatory Framework
Global payments fintech Wise (LON:WISE) has confirmed it intends to file a new application for a US national trust bank charter following the rejection of its earlier submission by the Office of the Comptroller of the Currency.
On July 23, 2026, the OCC informed the London-listed company that it would not approve the original request for a national trust bank charter at the present time.
Wise had lodged that application more than a year earlier, in June 2025.
In the intervening period, the firm states that its operations and compliance capabilities have advanced considerably.
These improvements incorporate adjustments made in light of ongoing feedback from the OCC during the review process.
The regulator’s denial letter specifically referenced certain historical shortcomings in the initial filing that the company has been working to resolve.
Importantly, the decision leaves Wise’s day-to-day activities unaffected.
The company continues to serve customers in the United States under its existing money transmitter licenses, which cover 48 states and four territories, as well as through more than 80 licenses held worldwide.
The OCC’s correspondence highlighted a multi-state consent order issued in the US in July 2025, just one month after the original charter application was filed.
In reaction to that order, Wise reports that it has bolstered its domestic US compliance framework.
Specific enhancements include stronger investigation and reporting procedures, better quality of customer data collected, and expanded staffing dedicated to local compliance functions.
The company emphasises that it has made substantial global and US-focused investments in controls designed to combat financial crime and manage other risks.
It stresses that stopping illicit actors from exploiting platforms like its own remains a top priority, and notes routine engagement with regulators such as the UK Financial Conduct Authority and the National Bank of Belgium as standard practice for an institution of its scale.
A key factor rendering the original application unworkable was a shift in Federal Reserve policy.
In May 2026, the Fed proposed alterations to rules governing access to payment systems.
Wise’s earlier plan depended on securing direct master account access at the Federal Reserve to settle US dollar payments.
With the central bank generally pausing such access for uninsured trust banks, that pathway became non-viable.
Broader US payments regulation has also evolved markedly over the past year, notably through the passage of the GENIUS Act and ongoing adjustments in Federal Reserve approaches to direct network connectivity.
Against this backdrop of change, Wise has advised the OCC of its intention to submit a revised national trust bank charter application structured under the GENIUS Act framework.
The company observes that digital assets, including stablecoins, are gaining prominence alongside traditional payment mechanisms.
It believes its existing infrastructure is well suited to support interoperability across these systems, enabling efficient connections between payment networks, effective treasury operations, and robust risk management within a regulated setting—capabilities it sees as increasingly valuable for customers.
Wise maintains what it describes as a constructive relationship with the OCC and expresses confidence in putting forward a viable new proposal that aligns with both its expanded business and the updated regulatory environment.
In the fiscal year 2026, the firm assisted approximately 19 million individuals and businesses, handled more than $240 billion in cross-border volume, and generated over $3 billion in customer savings.
The announcement underscores Wise’s determination to adapt its strategy for deeper integration into the US payments landscape amid rapid policy developments, while prioritising compliance and operational resilience.
