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Financial software provider FIS is teaming up with Visa to enable its commercial financial institution clients to quickly and securely access the blockchain-based platform ‘Visa B2B Connect’.
First previewed in October 2016, Visa B2B Connect aims to provide financial institutions with a simple, fast and secure way to process cross border business-to-business (B2B) payments globally. It is a distributed-ledger based, non-card platform which enables significantly shorter transaction times, from weeks to one-to-two days.
Under the partnership, FIS will integrate its solution with Visa B2B Connect, allowing mutual bank clients of both FIS and Visa to send their corporate client’s B2B payments directly to and from another participating bank. This will help remove the friction associated with multiple intermediaries for any given B2B transaction.
“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,” said Kevin Phalen, global head, Visa Business Solutions, Visa.
To make it easy for client banks to start transacting on the Visa B2B Connect platform, FIS has created a custom integration module, which will reduce the need for clients to perform technology updates to their existing systems. This would enable financial institutions to quickly access the platform and start managing high-value cross-border payments on behalf of their corporate clients.
“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 Visa’s extensive experience as a payment processing network, creates a strong partnership for adding value to the multinational commercial value chain.”
