Visa B2B Connect facilitates transactions from the bank of origin directly to the beneficiary bank, to remove friction and time spent on cross-border corporate payments
Image: The network increases visibility into the transaction flow to track the status of payments from the origin bank to the destination bank in near real time. Photo: Courtesy of Sundar/Wikipedia.
US-based multinational financial services company Visa announced that Infosys, a digital services and consulting firm, is integrating with its Visa B2B Connect network to provide the platform access for their financial institutions worldwide.
Visa said that its Visa B2B Connect network has doubled up its reach, from 30 global trade corridors to 62, and targets to expand in more than 100 countries in 2020.
Visa Business Solutions new payment flows global head Alan Koenigsberg said: “Visa B2B Connect is a fast, secure and more efficient network, designed specifically to overcome obstacles in the cross-border corporate payments space.
“We are excited to bring on Infosys and expand Visa B2B Connect to new geographies – all in a joint effort to accelerate innovation and increase efficiencies for financial institutions and their corporate clients. Differentiated capabilities of Visa B2B Connect and our work with early adopters is truly set to transform the speed, security and profitability for the entire ecosystem.”
Infosys clients can connect to Visa services through Bottomline and FIS
The new collaboration facilitates Infosys’ international participating financial institutions to securely process corporate cross-border payments across the world through Visa B2B Connect.
In addition to collaboration with Infosys, participating clients will also be able connect to Visa B2B Connect through Visa’s previously-announced hub partners Bottomline and FIS.
According to a recent survey conducted by Visa, approximately 59% respondents expect overall revenues from cross-border payments to increase in the next five years as a result of faster payments, and almost 24% respondents expect to see faster payments drive up revenues by as much as 25%.
The financial services firm said that its Visa B2B Connect facilitates transactions from the bank of origin directly to the beneficiary bank, to remove friction and time spent on cross-border corporate payments.
The network increases visibility into the transaction flow, providing buyers and suppliers an opportunity to track the status of payments from the origin bank to the destination bank in near real time.
Infosys VP, cards & payments global head Narayan Sivaram said: “Infosys is looking forward to partnering with Visa to create new payment flows for Commercial Payments. We believe that through this engagement we will be able to jointly reach a large number of banks and support their cross border needs.”