Financial services provider FIS and Visa formed an alliance today. Through the partnership, FIS’ 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.
“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,” said Raja Gopalakrishnan, International Head of Banking and Payments for FIS Global Financial Solutions.
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. “We are excited to continue building momentum for Visa B2B Connect and to bring speed, efficiency and transparency to our financial institution clients through our partners, like FIS, who help make transacting on our platform more accessible and seamless.”
FIS most recently demoed at FinovateFall 2016. The company debuted its Cardless Cash solution that provides fast, secure options for sending and picking up cash at any ATM. Headquartered in Florida, FIS’ solutions move $9 trillion each year for 20,000 clients in 130 countries.
Visa demoed at FinovateSpring 2010 and also showcased at our developers conference in 2014. The company has 39 APIs that offer developers tools for commercial payments, data and analytics, identity an security, offers and benefits, payments, and more.