Visa Inc. (NYSE:V) and FIS are joining forces to enable FIS commercial financial institution clients to quickly and securely access the Visa B2B Connect platform globally1. Visa B2B Connect will be available to FIS customers who are looking for an innovative, fast and transparent way to process high-value corporate, cross-border payments.
Visa B2B Connect is a distributed-ledger based, non-card platform. Its unique distributed-ledger based architecture enables significantly shorter transaction times, from weeks to one-to-two days.
Through this relationship, FIS is integrating its solution with Visa B2B Connect to enable FIS and Visas mutual bank clients to send their corporate clients B2B payments directly to and from another participating bank, removing friction associated with multiple intermediaries for any given business-to-business (B2B) transaction.
FIS is excited to partner with Visa to enable financial institutions to connect to this groundbreaking new payments service, said Raja Gopalakrishnan, international head of Banking and Payments for FIS Global Financial Solutions. The combination of FIS global customer base and leadership in commercial payments and Visas extensive experience as a payment processing network, creates a strong partnership for adding value to the multinational commercial value chain.
Innovation in cross-border B2B payments is long overdue. Visas core strategy is to help clients and partners drastically improve their customers friction-filled experiences, said Kevin Phalen, global head, Visa Business Solutions, Visa. We are excited to continue building momentum for Visa B2B Connect and to bring speed, efficiency and transparency to our financial institution clients through our partners, like FIS, who help make transacting on our platform more accessible and seamless.
To help its participating client banks begin transacting on the Visa B2B Connect platform quickly, FIS created a custom integration module, significantly reducing the need for clients to perform technology updates to their existing systems. This will help financial institutions around the world quickly access the platform and begin to manage high-value cross-border payments on behalf of their corporate clients. By working together, Visa and FIS are laying the foundation for frictionless and global commercial payments.
About Visa B2B Connect
With security, interoperability and governance at the core of every B2B Connect transaction, Visa aims to remove friction and time spent on cross-border corporate transactions by sending these transactions through B2B Connect from the bank of origin directly to the beneficiary bank. Visa B2B Connects unique digital identity feature tokenizes an organizations sensitive business information, such as banking details and account numbers, giving them a unique identifier that can be used to facilitate transactions on the platform. Encompassing safety, security and governance all in one solution, Visa B2B Connects digital identity feature will transform the way information is exchanged in business-to-business cross-border transactions.
About Visa Inc.
Visa Inc. (NYSE: V) is the worlds leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The companys relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, https://usa.visa.com/visa-everywhere/blog.html and @VisaNews.
1 Once commercially available, availability will vary by country.