We’re teaming up with Visa to enhance the transparency, speed and security of global B2B money movement.
In a world facing increased fragmentation, there’s more need than ever to keep the global financial infrastructure connected with the right levels of security, resiliency, reliability and compliance.
Addressing fragmentation is central to our mission to enable instant, frictionless, and interoperable international transactions. And as part of this, we’re collaborating with Visa to streamline international business-to-business (B2B) payments by strengthening connectivity between our networks that move trillions in value globally.
Through this collaboration, we will provide financial institutions and their customers with more choice when sending money across borders, while improving the end-to-end speed and transparency of their transactions.
Setting the foundations for fast, frictionless funds
As part of the joint effort, announced at Sibos in Toronto, 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, reducing unnecessary delays by catching potential errors before the payment is initiated.
In addition, we plan to work together with Visa to increase end-to-end transaction visibility by using high-speed Swift GPI capabilities and tracking data. Visa will also migrate its connection to Swift through Alliance Cloud, a scalable, secure cloud-based channel for connecting to Swift’s network, as well as messaging services, standards and solutions.
Addressing challenges and driving innovation
Expectations for payments being sent internationally are rising. But at the same time, so are the complexities of moving money across borders.
“Our work with Visa helps address both challenges, providing new connectivity and capabilities in the backend to drive exciting innovation in front-end customer channels,” said Thierry Chilosi, Swift’s Chief Strategy Officer.
“It’s part of our strategic focus on payment optionality, enabling value in all forms to move seamlessly around the world with strong peace of mind on security and trust and, through collaborations like this, consistently elevating the customer experience,” he continued.
“By working with Swift,” said Chris Newkirk, Visa’s Global Head of Commercial and Money Movement Solutions, “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.”
Want to learn more?
Tune in to Sibos TV on Wednesday, 20 September where Thierry Chilosi and Chris Newkirk will be talking more about the collaboration.