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.
The best of the best always seem to manage to come up with smart, creative new solutions that add value to their brand by making the banking experience easier, more convenient to learn innovation technologies.