The FINANCIAL -- 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 globally*. Visa B2B Connectwill 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.
Participating FIS client bankswill be able to send and receive large-ticket international corporate payments quickly and securely
Through this relationship, FIS is integrating its solution with Visa B2B Connect to enableFIS and Visa’s mutual bank clients to send their corporate client’s 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 participate in thisgroundbreaking new payments service. The combination of FIS’s global customer base and leadership in commercial payments and Visa’s extensive payment processing network creates a strong partnership for adding value to the multinational commercial value chain.” - said Raja Gopalakrishnan, head of Banking and Payments for FIS Global Financial Solutions.
“Innovation in the cross-border B2B payments is long overdue. Visa’s 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 institutional clients through our partners, like FIS, who help make transacting on our platform more accessible andseamless.”
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 Connect’s unique digital identity feature tokenizes an organization’s 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 Connect’s digital identity feature will transform the way information is exchanged in business-to-business cross-border transactions.