Visa partners FIS to push DLT-based platform for international corporate payments

Visa partners FIS to push DLT-based platform for international corporate payments

Visa's distributed ledger-based, non-card platform for high-value corporate, cross-border payments will now be offered to FIS client bank.

Visa first revealed back in 2016 that it had teamed up with blockchain outfit Chain to develop Visa B2B Connect, improving B2B payments by providing a system that promises near real-time notification and finality of payment aligned with an immutable system of record over a permissioned private blockchain.

Now, the card giant is ready to start taking on the likes of Swift and Ripple by pushing the platform to banks.

FIS is integrating its technology with Visa B2B Connect to enable mutual bank clients to send their corporate clients' B2B payments directly to and from another participating bank, removing the friction associated with multiple intermediaries.

To encourage uptake, FIS has built a custom integration module that cuts the need for banks to carry out tech updates to their systems before using the Visa platform.

Kevin Phalen, global head, Visa Business Solutions, Visa, says: "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."
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