Wise has confirmed it will submit a new application for a US national trust bank charter after the Office of the Comptroller of the Currency (OCC) declined its original request.
The payments company received notice from the OCC on 23 July 2026 that its initial application, filed in June 2025, would not be approved at this time. The regulator's decision does not affect Wise's existing US operations, which continue under its money transmitter licenses covering 48 states and four territories, alongside more than 80 licences held globally.
Compliance enhancements followed 2025 consent order
In its denial letter, the OCC referred to historical shortcomings identified in the original filing. These issues relate in part to a multi-state consent order issued against Wise in the US in July 2025, a month after the charter application was submitted. Wise stated that it has since strengthened its domestic compliance framework, including improved investigation and reporting procedures, better-quality customer data collection, and additional staffing for local compliance functions.
The company said it has made significant investments, both globally and in the US, in controls aimed at countering financial crime and managing risk, and that it regularly engages with regulators including the UK Financial Conduct Authority and the National Bank of Belgium.
Federal Reserve policy shift complicated original plan
A central factor in the setback was a change in Federal Reserve policy. Wise's original application relied on obtaining direct master account access at the Federal Reserve to settle US dollar payments. In May 2026, the Federal Reserve proposed changes to rules on payment system access, generally pausing master account approval for uninsured trust banks. This shift, combined with broader regulatory developments over the past year, including the GENIUS Act and changes to Federal Reserve approaches to direct network connectivity, rendered the original structure unworkable.
Wise has informed the OCC that it intends to file a revised application structured under the GENIUS Act framework. The company said its infrastructure is positioned to support interoperability between traditional payment systems and digital assets, including stablecoins, citing potential benefits for connecting payment networks, treasury operations, and risk management within a regulated structure.
Scale of operations
In fiscal year 2026, Wise said it served approximately 19 million individuals and businesses, processed more than USD 240 billion in cross-border volume, and generated more than USD 3 billion in customer savings. The company described its relationship with the OCC as constructive and said it is confident in preparing a new proposal aligned with its expanded business and the current regulatory environment.
The case illustrates the evolving regulatory landscape for non-bank payment firms seeking closer integration with US financial infrastructure, particularly as stablecoin-related legislation and Federal Reserve access policy continue to develop.
