Mired in paper and inefficient processes, B2B payments need an overhaul. That’s especially when done cross-border, because tracking fund flows between corporates becomes an onerous undertaking across time zones and currencies.
Visa B2B Connect has been billed by the payments giant as a new, tech-driven way for corporate payments to happen across supply chain, trade and institutional banking conduits.
As was announced late last year, with the 2019 first-quarter debut of the B2B solution, Visa said digital features include tokenization of firms’ sensitive data, such as banking and account number details, in a bid to boost transaction security.
In a sign that the platform is gaining traction even before its global commercial availability, Visa and FIS said Thursday (April 25) that Visa B2B Connect will be available to the firms’ mutual bank clients to help corporations (the end users) process high-value, cross-border B2B payments.
The companies said in a release that the partnership will let FIS’ commercial financial institution clients spanning the globe to “quickly and securely” access the B2B Connect platform. Through that connection, the FIS FI clients can process the aforementioned cross-border transactions with speed and transparency. Sending the B2B payments directly to and from participating banks can help remove friction in the process by eliminating intermediaries.
To prod transactions across the Visa B2B Connect platform, said the companies, FIS has created a custom integration module, which in turn helps clients reduce the need to undertake technology updates to existing systems.
“Innovation in 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 of Visa Business Solutions, in the release issued jointly by the companies. “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.”
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More