E-commerce promoter Wise is merging its future development activity with US counterpart Acord, clearing the way for a globally owned insurance standards association.

Acord president Gregory Maciog said: “We are confident of the benefits that the integration will bring. In combination we bring greater momentum and focus to the standards process.”

Wise chairman Rob White-Cooper said the agreement reflected the general industry trend towards globalisation, convergence and consolidation.

The agreement has been approved by both boards and will take effect from July 1.