FIS Integrates into Visa B2B Connect Platform
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 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 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 this groundbreaking new payments service,” said Raja Gopalakrishnan, head of Banking and Payments for FIS Global Financial Solutions. ”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.”
“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 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.