Wise (LSE:WISE), the London-listed international money transfer group, said the U.S. Office of the Comptroller of the Currency has denied its application for a national trust bank charter.
The regulator's letter cited historical issues with the original filing, submitted over a year ago, which Wise said it has since been addressing through improved compliance and business processes.
The decision leaves Wise's existing U.S. operations unaffected, with the company continuing to operate under money transmitter licenses across 48 states and four territories, part of a global portfolio of more than 80 licenses.
The OCC referenced a public Multi-State Consent Order from July 2025, issued a month after Wise filed its application, in response to which the company said it strengthened its local compliance program, investigation processes and customer data controls.
The original application had been conditioned on securing direct access to Federal Reserve master accounts, an approach Wise said became non-viable after the Federal Reserve moved in May 2026 to generally pause account access for uninsured trust banks.
Wise pointed to the enactment of the GENIUS Act and evolving Federal Reserve policy on payment network access as reshaping the regulatory landscape since its original filing.
The company has told the OCC it intends to submit a new charter application under a GENIUS Act framework, saying it maintains a positive relationship with the agency.
News Intelligence what this means for the company
The OCC rejected Wise's year-old application for a U.S. national trust bank charter, citing historical compliance issues that the company has since addressed. The denial does not affect Wise's existing U.S. operations—it continues to hold money transmitter licenses across 48 states and four territories—but closes off a path to direct Federal Reserve master account access that became moot anyway after the Fed paused such access for uninsured trust banks in May 2026. Wise plans to reapply under the newly enacted GENIUS Act framework.
The rejection removes a regulatory overhang but does not materially alter Wise's operating footprint or revenue model; the company's core money transfer business remains intact. The pivot to a GENIUS Act application signals Wise is adapting to a shifting regulatory landscape rather than retreating from U.S. banking ambitions.
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