London-based payments firm, Wise, has been denied a US banking licence.

Wise had applied for a national bank charter with the aim of being able to operate under the regulation of the Office of the Comptroller of the Currency (OCC).

The licence would have given the business direct access to payment systems through the Federal Reserve and offer some financial services to customers.

However, the application was denied due to historical issues with its original application including relating to financial crime.

"We have invested significantly in enhancing our processes and controls globally and in the US since the original application for the trust charter was prepared, including those to prevent financial crime alongside other forms of risk," the company said.

"Preventing bad actors from using financial institutions like Wise is of the utmost importance to us."

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