Visa (NYSE:V) and Swift today announced a collaboration to streamline international business-to-business (B2B) payments by strengthening connectivity between their networks that move trillions in value globally.
Working together, the organizations aim to provide financial institutions and their customers with more choice when sending money across borders, while improving the end-to-end speed and transparency of their transactions.
As part of the joint effort, announced in Toronto at the annual Sibos conference, Visa will deploy capabilities developed by Swift that can help increase the speed and certainty of cross-border money movement. This includes Swift Payment Pre-validation to enable upfront checks of Visa B2B Connect payments, reducing unnecessary delays by catching potential errors before the payment is initiated.
Additionally, the networks plan to work together to increase end-to-end transaction visibility by using high-speed Swift GPI capabilities and tracking data. Visa will migrate its connection to Swift through Alliance Cloud, a scalable, secure cloud-based channel for connecting to Swift’s network, as well as messaging services, standards and solutions.
Through this collaboration, according to Tuesday morning’s news release, “financial institutions on both networks will have more routing options for their business customers, with real-time status and updates. In a world facing increased fragmentation, these efforts advance the goals of both organizations to keep the world’s financial infrastructure connected with the right levels of security, resiliency, reliability and compliance.”
V shares slid $1.01 to $243.65.