US-Brazil Economic Partnership: The Road Ahead

It is designed to help leaders better comprehend the contours of cooperation across five pillars: commerce and financial flows, innovation and technology, climate and natural capital, health and wellness, and peace and security. It is no secret that the current global situation is troubling, as increased rivalry and conflict appear to be supplanting collaboration. As a result, new power dynamics, shifting demographic realities, and breakthrough frontier technologies are exacerbating long-simmering suspicion rather than fuelling prospects for gain. Businesses are responding to these complex, and often tense, geopolitical circumstances by relocating operations and facilities closer to home.

 This World Economic Forum report, prepared in association with McKinsey & Company, assesses the current situation of global cooperation.

This research intends to help corporate and government stakeholders better grasp the nature of collaboration in shaping a healthier, more prosperous, and sustainable world in the coming year and beyond.
Collaboration will assist financial institutions provide their consumers with a larger range of options for cross-border payments.
Wise Platform's new Correspondent Services solution will enable bank-initiated Swift payments to be completed promptly and easily.

Swift and Wise today launched an innovative collaboration to expand cross-border payment alternatives for financial institutions and their customers, allowing payments made securely through Swift to be completed smoothly over Wise with end-to-end transparency. Financial institutions looking to expand their offerings will be able to send Swift payment messages directly to Wise Platform, Wise's infrastructure solution for banks and large corporations, via its latest Correspondent Services solution. This allows their customers to benefit from Wise's speed and convenience, as well as Swift's breadth, without requiring large system changes.

Wise Platform will use advanced Swift capabilities to power its service, such as cloud and API connectivity and Payment Pre-validation, while continuing to provide banks with all of Swift GPI's hallmark features, including a payment status tracker that Wise Platform will update to ensure end-to-end visibility across both networks.

The agreement, announced in Toronto at the annual Sibos conference, marks the beginning of a larger connection, and comes as greater innovation and fragmentation in the financial ecosystem creates more ways for money to move – and more consumer desire for options. It emphasizes the need of new forms of collaboration in providing flexibility while ensuring secure, dependable, and inclusive connectivity. It also immediately aligns with the G20 and UN Sustainable Development Goals on the speed, openness, cost, and accessibility of cross-border transactions.

Steve Naudé, the Managing Director of Wise Platform, stated:

"We understand that banks confront a lot of hurdles when it comes to improving international payments, including the need to integrate technology that is incompatible with legacy infrastructure. We enable banks to innovate easily by leveraging existing payment architecture while optimising payouts using Wise's worldwide network. Our network, together with Swift's vast reach and trackability, will make international payments more easy, faster, and cost-effective for banks, without requiring a significant technological investment."

Wise's global payments network enables over 57% of customers' cross-border payments to settle instantaneously (in less than 20 seconds), with over 90% settling in less than an hour. Financial institutions can use Wise Platform's Correspondent Services solution to benefit their consumers from faster, lower-cost, and more easy foreign payments with only one simple configuration adjustment.

Thierry Chilosi, Swift's Chief Strategy Officer, said:

"Swift has established a global infrastructure that is trusted and relied on every day. Our cooperation with Wise demonstrates how Swift can serve as the foundation upon which the entire industry may develop to improve cross-border payments and expand the alternatives accessible to clients throughout the world. Cooperation like this will be critical in our collaborative efforts to meet the G20 targets for cross-border payments and enable the smooth, efficient, and secure transfer of wealth around a fragmented world."

Swift offers best-in-class infrastructure that seamlessly integrates across geographies, networks, and technologies while neutrally supporting fiat and digital currencies. It promotes an equitable and sustainable global finance system by securely integrating over 11,500 institutions in over 200 countries and territories, moving the equivalent of global GDP roughly every three days. Through a strong emphasis on innovation, it is continually increasing the bar for the cross-border experience with new capabilities that reduce friction, accelerate speed, and increase security and transparency.

Wise CEO Kristo Käärmann and Swift CEO Javier Pérez-Tasso will do a joint conversation on Tuesday, September 19, at Sibos.

About Wise

Wise is a multinational technology firm developing the easiest way to transport money around the world. People and corporations can use the Wise account to hold over 40 currencies, transfer funds between countries, and spend money abroad. Large corporations and banks also employ Wise technology, a totally new cross-border payments network that will one day power money without boundaries for everyone, everywhere. Regardless of how you use the platform, Wise is on a mission to simplify your life and save you money.

Wise was formed in 2011 by Kristo Käärmann and Taavet Hinrikus and went by the moniker TransferWise at first. It is one of the world's fastest growing, most lucrative technological firms, and it trades on the London Stock Exchange under the ticker WISE.

Wise is used by 16 million people and organizations worldwide, and it processes £9 billion in cross-border transactions each month, saving clients approximately £1.5 billion per year.


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