FIS links up with Visa
Financial services provider FIS and Visa formed an alliance. Through the partnership, FIS’s commercial bank clients will have access to Visa’s B2B Connect, a tool that offers a fast and transparent way to process high-value corporate, cross-border payments, reports Julie Muhn at Finovate.
“The combination of FIS’ global customer base and leadership in commercial payments and Visa’s extensive experience as a payment processing network, creates a strong partnership for adding value to the multinational commercial value chain,” says Raja Gopalakrishnan, international head of banking and payments for FIS.
Launched earlier this year, Visa B2B Connect is a suite of APIs that leverages the blockchain to offer banks a business-to-business payment solution.
The distributed ledger-based tool facilitates faster transaction times for cross-border and cross-currency payments, reducing transaction times from weeks to one-to-two days.
“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.