SAN FRANCISCO—Visa and Swift reported they are partnering to facilitate international business-to-business payments.
The collaboration aims to improve communication across their networks, which will help several small businesses that frequently conduct international business, according to a report by America’s Small Business Network.
As part of the collaboration, Visa will use Swift-developed tools to speed up and improve the certainty of cross-border money transfers. This features Swift Payment Pre-validation to enable upfront checks of Visa B2B Connect payments, preventing delays by identifying issues before the payment is initiated.
In addition, the networks also intend to use high-speed Swift GPI capabilities and tracking data to improve end-to-end transaction visibility. Additionally, Visa will migrate its connection to Swift through Alliance Cloud, a cloud-based channel for connecting to Swift’s network, as well as messaging services, standards, and solutions, America’s Small Business Network explained.
‘Several Difficulties’
“The current state of foreign payments can present several difficulties for small business owners, including unforeseen delays, a lack of transparency in the transaction processes, and even payment problems,” the report stated. “The latest partnership aims to address and alleviate those pain points immediately.”
Just Because It’s Autumn Doesn’t Mean Falling for Schemes to Overcharge You for CU Industry News. Instead, Try This Crisp Offer
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?