FIS integrates into Visa B2B Connect platform
Visa and FIS are joining forces to enable FIS’ commercial financial institution clients to quickly and securely access the Visa B2B Connect platform globally. Visa B2B Connect will be available to FIS’ customers who are looking for a way to process high-value corporate, cross-border payments.
Visa B2B Connect is a distributed-ledger based, non-card platform. Its distributed-ledger based architecture enables significantly shorter transaction times, from weeks to one-to-two days.
Through this relationship, FIS is integrating its solution with Visa B2B Connect to enable FIS and Visa’s mutual bank clients to send their corporate client’s B2B payments directly to and from another participating bank, removing friction associated with multiple intermediaries for any given business-to-business (B2B) transaction.
To help its participating client banks begin transacting on the Visa B2B Connect platform quickly, FIS created a custom integration module, significantly reducing the need for clients to perform technology updates to their existing systems. This will help financial institutions around the world quickly access the platform and begin to manage high-value cross-border payments on behalf of their corporate clients.