Visa and Swift are expanding their global business-to-business (B2B) network by strengthening connectivity between their networks, which move trillions of dollars of value internationally. We announced a partnership to streamline payments. Together, the two organizations aim to give financial institutions and their customers more choice when sending money across borders, while increasing the end-to-end speed and transparency of transactions.
As part of a joint effort announced at the annual Cybos conference in Toronto, Visa plans to introduce features developed by Swift to increase the speed and certainty of cross-border remittances . This includes Swift payment pre-verification . This pre-validation provides a pre-check for Visa B2B Connect payments, allowing you to detect potential errors and reduce unnecessary delays before the payment is initiated. Additionally, the networks plan to collaborate to improve end-to-end transaction visibility using high-speed Swift GPI capabilities and tracking data. Visa plans to migrate connectivity to Swift through Alliance Cloud, Swift’s scalable and secure cloud-based channel for network connectivity, and Swift’s messaging services, standards and solutions .
Through this partnership, financial institutions on both companies’ networks will have more routing options for their business customers with real-time status and updates. In an increasingly fragmented world, these efforts advance the organizations’ goal of keeping the world’s financial infrastructure connected with the right levels of security, resiliency, reliability, and compliance.
Chris Newkirk, International Head of Commercial and Funds Transfer Solutions at Visa, said: “Many businesses continue to face complex issues when making cross-border payments that hurt their bottom lines. Working with Swift, Visa will help financial institutions customers better serve their corporate customers. This partnership will enable us to provide clearer and enhanced data while eliminating errors before, during and after payment.”
Thierry Cirossi, Swift Chief Strategy Officer, said: “As the complexity of moving funds across borders increases, so does the demand for international payments. Our work with Visa will help address both challenges, providing new connectivity and capabilities on the back end and providing new connectivity and functionality on the front end. Drive exciting innovation in the end customer channel, enabling the seamless international movement of all forms of value with a strong sense of security and trust; This is part of our strategic focus around payment options, consistently improving the customer experience through payment options.”
Swift is a best-in-class infrastructure with unparalleled reach, transparency, security, and reliability that supports fiat and digital currencies neutrally while seamlessly interoperating across geographies, networks, and technologies. Provide operational infrastructure. We support an inclusive and sustainable international financial system, securely and interconnectedly connecting more than 11,500 institutions across more than 200 countries and territories, moving the equivalent of global GDP approximately every three days. . With a focus on innovation, we continually raise the bar for cross-border experiences with advanced features that remove friction, accelerate speed, and increase security and transparency in line with the G20 goals.
Visa B2B Connect is an innovative payment solution for businesses around the world for cross-border B2B payments. Built on Visa’s extensive international network and powered by advanced security technology, Visa B2B Connect enables businesses to seamlessly authenticate and manage cross-border B2B payments. The platform sets new standards for efficiency, transparency, and security with its real-time visibility, fast payment processing, and robust monitoring capabilities. Since October 2022, Visa B2B Connect has accepted bank customers from over 30 banks from over 20 countries, and payments are sent to 90 countries around the world.
SOURCE: Businesswire