Investing.com -- Money transfer company Wise (LON: WISEa ) Plc has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank in the United States.

According to an OCC document dated June 16, Wise is seeking approval to operate as a nondepository trust bank. This development was first reported by Bloomberg News on Wednesday.

If regulators approve the application, Wise would gain the ability to bypass intermediary banks and settle U.S. dollar payments directly with the Federal Reserve. This change could potentially reduce costs, accelerate money transfers, and give the company greater control over its largest currency flow.

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