The interbanking transaction company, SWIFT has partnered with Visa to upgrade cross-border payments between global business-to-business (B2B) networks.
With this collaboration, both companies will aim to enhance the speed, transparency, and security of the B2B payment network, which processes trillions of dollars globally.
According to the announcement, the partnership will provide more choices to financial institutions and their customers in cross-border transactions with improved end-to-end speed and transparency.
As a part of the collaboration, Visa will deploy SWIFT’s novel development called Payment Pre-validation which will reduce unnecessary delays in payments. Visa will additionally use high speed SWIFT GPI capabilities to track data and increase transaction visibility. The retail payment giant will also migrate its connection to SWIFT through Alliance Cloud.
Visa will also link to Swift via Alliance Cloud, a scalable, secure cloud-based route for connecting to Swift’s network, as well as messaging services, standards, and solutions.
Thierry Chilosi, the Chief Strategy Officer at SWIFT, said that the company’s work with Visa helps provide new connectivity and capabilities in the backend to drive exciting innovation for users.
“It’s part of our strategic focus on payment optionality, enabling value in all forms to move seamlessly around the world with strong peace of mind on security and trust and,” Chilosi said, “through collaborations like this, consistently elevating the customer experience.”
Also Read: Swift & Wise Partner For Global Cross-Border Payments
