Sibos 2023: Visa and Swift collaborate to streamline cross-border payments
Visa and Swift have announced a collaboration to streamline international B2B payments by strengthening connectivity between their networks.
Visa and Swift join hands to streamline cross-border payments
The announcement was made at the annual Sibos conference, which is currently underway at the Metro Toronto Convention Centre in Canada this week.
Through the partnership, both firms aim to provide their customers with “more choice” when sending money globally, as well as improve the speed and transparency of the transactions. To that end, Visa will deploy capabilities developed by Swift to help increase the “speed and certainty” of cross-border payments.
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 pair will work together to increase end-to-end transaction visibility using Swift’s technology. Visa will also migrate its connection to Swift through Alliance Cloud.
“Through this collaboration, financial institutions on both networks will have more routing options for their business customers, with real-time status and updates,” both networks say.
Chris Newkirk, global head of commercial and money movement solutions at Visa, comments: “Many businesses continue to face complexities while making cross-border payments that hurt their bottom lines.
“By working with Swift, Visa will help enhance our financial institution clients’ offerings to their corporate customers. The collaboration will help provide clarity and enhanced data, while removing errors before, during and after the payment.”
