This absolutely does not stop you from doing what Wise does under the hood: have bank accounts in two countries and settle using comms rather than the banking system. A message comes in “Alice should now be given x amount from the local account” and a local bank transfer is executed.

Yes, you could do that if the payment volume was high and bidirectional. It doesn't work at all for a company that occasionally has to pay someone in Brazil, but has no revenue or presence in Brazil.