Visa and FIS are collaborating in order to enable easy access for FIS’ clients on Visa’s B2B Connect platform. This will facilitate FIS’ customers to process cross border payments.

“FIS is excited to partner with Visa to enable financial institutions to connect to this groundbreaking new payments service,” said Raja Gopalakrishnan, international head of Banking and Payments for FIS Global Financial Solutions. ”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.”

According to the supplier, the collaboration will enable both FIS’ and Visa’s clients to send their corporate B2B payments directly to and from another participating bank. This process is expected to weed out any friction associated with multiple intermediaries.

“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, Visa Business Solutions, Visa. “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.

In order to accelerate the transaction process on the Visa B2B Connect platform, FIS has created a custom integration module which will significantly reduce the need for clients to perform technology updates to their existing systems.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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