In a landmark move, the international interbanking transaction company, SWIFT, has joined forces with Visa to usher in a new era of efficiency and security in cross-border payments within global business-to-business (B2B) networks.
Enhancing B2B Payment Networks
This strategic collaboration aims to bring about significant improvements in the B2B payment network, a critical artery of global finance that processes trillions of dollars. Together, SWIFT and Visa are committed to boosting the speed, transparency, and security of cross-border transactions.
Expanding Choices and Improving Speed
The partnership is poised to provide financial institutions and their customers with a broader spectrum of options for cross-border transactions, all while enhancing the end-to-end speed and transparency of these transactions. It’s a win-win for businesses and individuals navigating the complex world of international finance.
Innovative Solutions for Seamless Transactions
Visa, as part of this collaboration, will leverage SWIFT’s groundbreaking development known as Payment Pre-validation. This innovation is designed to eliminate unnecessary delays in payments, streamlining the entire process for a more efficient experience. Furthermore, Visa will harness the high-speed capabilities of SWIFT GPI (Global Payment Innovation) to track data and enhance transaction visibility. As a cherry on top, Visa will migrate its connection to SWIFT through the secure and scalable Alliance Cloud.
Linking for a Better Future
Visa’s integration with SWIFT via Alliance Cloud signifies a robust, secure, and cloud-based pathway to access SWIFT’s network. This connection encompasses messaging services, standards, and solutions, reinforcing the commitment to elevating the entire cross-border payment experience.
Driving Innovation and Elevating User Experience
Thierry Chilosi, the Chief Strategy Officer at SWIFT, expressed excitement about the partnership with Visa, highlighting its potential to introduce new connectivity and capabilities in the backend. This collaboration aligns with SWIFT’s strategic focus on enhancing payment options, facilitating seamless global value movement, and ensuring robust security and trust. Chilosi emphasized that through partnerships like this one, they are consistently raising the bar for customer satisfaction and the overall payment experience.
Our collaboration with Visa is 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.
Thierry Chilosi – Chief Strategy Officer, Swift
The SWIFT and Visa partnership promises to reshape the landscape of cross-border payments, making them faster, more transparent, and more secure than ever before. It’s a game-changer that will benefit businesses and individuals alike in our increasingly interconnected global economy.