Swift and Visa have moved to strengthen the connectivity between their networks in a move designed to streamline international B2B payments.
Unveiled at Sibos in Toronto, the partnership sees Visa deploy Swift Pre-validation for upfront checks of its B2B Connect payments, catching potential errors before payments are even initiated.
The networks also plan to work together to increase end-to-end transaction visibility by using high-speed Swift gpi capabilities and tracking data.
By teaming up, the two giants say that financial institutions on both networks will have more routing options for their business customers, with real-time status and updates.
Chris Newkirk, global head, commercial and money movement solutions, Visa, says: "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."
Thierry Chilosi, chief strategy officer, Swift, adds: “Expectations for international payments are rising as the complexity of moving money across borders is intensifying. 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."