Explore the partnership between Visa and Swift, improving international business-to-business (B2B) payments at the Sibos conference in Toronto.
To simplify international business-to-business (B2B) payments, Visa and Swift have teamed up. With an emphasis on giving financial institutions and their clients more options for cross-border money transfers while boosting the overall speed and transparency of such operations, the alliance aims to increase connection between their global networks.
Visa and Swift announced their collaboration at the annual Sibos conference in Toronto to simplify cross-border payments. Swift’s integration with Visa’s B2B Connect technology is crucial to the relationship.
Visa B2B Connect uses Visa’s network and security to process worldwide B2B payments. Real-time tracking, faster payment processing, and comprehensive monitoring tools let organizations authenticate and govern cross-border B2B payments. Visa B2B Connect has signed up banks in over 20 countries since October 2022, allowing payments to 90 countries.
Swift Payment Pre-validation distinguishes this collaboration. This technology allows Visa B2B Connect payment upfront checks to detect and fix issues before payment commence, potentially reducing delays. The alliance will also leverage high-speed Swift GPI and tracking data to gain transaction process intelligence.
Alliance Cloud, a cloud-based channel renowned for its scalability and security when connecting to Swift’s network, encompassing messaging services, standards, and solutions, will be used by Visa to connect to Swift.
Swift presently enables safe exchanges between more than 11,500 institutions in more than 200 nations, processing a sum roughly equivalent to the global GDP every three days. Swift surpasses the G20’s end-to-end objective of 75% by 2027 in terms of transaction speed, processing 89% of cross-border payments within an hour.
Overcoming obstacles
The potential advantages of this collaboration were emphasized by Chris Newkirk, global head of commercial and money movement solutions at Visa, who said: “Many businesses continue to struggle with difficulties when making cross-border payments that harm their bottom lines. By collaborating with Swift, Visa will improve the services that our financial institution clients’ corporate clients may access. The partnership will contribute to greater data clarity and the eradication of errors before, during, and after the payment.
The increasing demands for international payments were acknowledged by Thierry Chilosi, Swift’s senior strategy officer. “As the complexity of sending money across borders increases, expectations for international payments are rising. By introducing new connection and backend capabilities to fuel exciting innovation in front-end customer channels, our work with Visa helps address both issues.
It’s a part of our strategy focus on payment optionality, which enables value in all forms to move freely throughout the world with a high level of security and confidence while also steadily improving the consumer experience with partnerships like this.
The main objective of this collaboration is to give financial institutions on both networks greater routing possibilities for their corporate clients. Visa and Swift seek to contribute to the upkeep of a linked financial infrastructure that prioritizes security, resilience, stability, and compliance in a world where financial systems frequently experience fragmentation.
