The Toronto company is the second fintech (after the U.K.’s Wise) to become a member of Swift, which moves an amount equivalent to the entire world’s gross domestic product every three days. (The Logic)

Talking point: A fintech gaining direct access to the Swift network, which is used by 11,000 financial institutions worldwide, is a big deal. Swift is crucial to international trade—so important that cutting off access to it, as a coalition including the U.S. and Canada did to Russian banks in 2022, is one of the most devastating economic sanctions available. Swift is attempting to reinvent itself as technology, such as stablecoins—crypto assets pegged to the value of a government-issued currency—makes it possible to send money abroad without using the network. In September, Swift announced that TD, RBC and other global financial institutions will help it build a blockchain that will make instant, around-the-clock payments possible. In a release, Wealthsimple said Swift membership will make international transfers cheaper and easier.