Visa enters international B2B payments collaboration with Swift

Visa and Swift announced a collaboration to streamline international business-to-business, or 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. 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. 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 scloud-based channel for connecting to Swift’s network, as well as messaging services, standards and solutions.