Visa Inc.V collaborated with Belgium-based secure financial messaging services provider Swift to streamline international business-to-business (B2B) payments and speed up cross-border money movement.
The two organizations plan to offer financial institutions and their customers increased options for international transfers, enhancing both the speed and transparency of transactions.
From October 2022, Visa B2B Connect has onboarded over 30 bank clients from 20+ countries, facilitating payments to 90 countries worldwide.
Also Read: Visa Wants To Revolutionize Cross-Border Payments With Solana
"By working with Swift, Visa will help enhance our financial institution clients' offerings to their corporate customers. The collaboration will help provide clarity and enhanced data, while removing errors before, during and after the payment," said Chris Newkirk, Global Head of Commercial & Money Movement Solutions at Visa.
This collaboration incorporates Swift Payment Pre-validation, allowing preliminary checks on Visa B2B Connect payments.
This process identifies and rectifies possible errors before starting the payment, minimizing needless hold-ups.
Also See: Visa & Paysend Ignite USA-Latin America Corridor With New Five-Year Money Transfer Deal
The company said that with this partnership, financial institutions across both platforms can offer their business clients enhanced routing choices with instant status notifications and updates.
Price Action: V shares are trading lower by 0.76% to $242.81 on the last check Tuesday.
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