Source: Visa Inc.
Visa Inc. (NYSE:V) today announced that its Visa B2B Connect network has doubled its reach – from 30 global trade corridors at launch in June 2019, to 62, with the goal to expand to over 100 countries in 2020.
In addition, Infosys, a global leader in next-generation digital services and consulting, is integrating with the Visa B2B Connect network to bring Visa B2B Connect platform access to their participating financial institutions worldwide.
Through this new connection, participating financial institutions worldwide can take advantage of the ability to quickly and securely process corporate cross-border payments globally through Visa B2B Connect.
“Visa B2B Connect is a fast, secure and more efficient network, designed specifically to overcome obstacles in the cross-border corporate payments space,” said Alan Koenigsberg, global head, new payment flows, Visa Business Solutions. “We are excited to bring on Infosys and expand Visa B2B Connect to new geographies - all in a joint effort accelerate innovation and increase efficiencies for financial institutions and their corporate clients.”
In addition to Visa’s new collaboration with Infosys, participating clients can also connect to Visa B2B Connect through Bottomline and FIS, Visa’s previously-announced hub partners.
Participating clients can now connect to Visa B2B Connect via Bottomline’s Universal Aggregator. Joint customers can take advantage of Bottomline’s modern API connectivity to effortlessly access Visa B2B Connect, and begin transacting through their existing Bottomline connections, minimizing technology adjustments.
According to a recent survey commissioned by Visa, almost six-in-ten respondents (59%) expect overall revenues from cross-border payments to increase in the next five years as a result of faster payments. Nearly a quarter of respondents (24%) expect to see faster payments drive up revenues by as much as 25%.
Visa B2B Connect helps remove friction and time spent on cross-border corporate payments by facilitating transactions from the bank of origin directly to the beneficiary bank. The network drastically increases visibility into the transaction flow, giving buyers and suppliers an opportunity to track the status of payments from the origin bank to the destination bank in near real time.
Visa B2B Connect can also significantly reduce the time to settle funds - from potentially weeks to one to two days. It gives corporate financial institutions and their customers a clear view of fees associated with a payment, helping companies better manage their cash flow. In order to begin transacting through Visa B2B Connect, participating financial institutions around the world can connect in two ways - directly to the network or through Visa’s hub partners.
Visa B2B Connect’s unique digital identity feature tokenizes an organization’s sensitive business information, such as banking details and account numbers, giving them a unique identifier that can be used to facilitate transactions on the network. Visa B2B Connect’s digital identity feature will transform the way information is exchanged in business-to-business cross-border transactions.
“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,” added Koenigsberg.
Rob Eberle, CEO and president of Bottomline said, “We are delighted to be partnering with Visa on such an important initiative. The powerful combination of our technologies and continued commitment and investment in cross-border B2B payments innovation will help ensure banks can thrive and grow in the open and faster payments world.”
“Infosys is looking forward to partnering with Visa to create new payment flows for Commercial Payments,” said Narayan Sivaram (Nans), VP, global head, cards & payments, Infosys. “We believe that through this engagement we will be able to jointly reach a large number of banks and support their cross border needs.”