Indian IT firm Infosys is set to join Visa B2B Connect network to streamline global business payments.
The collaboration will enable participating financial institutions to process corporate cross-border payments utilising Visa B2B Connect platform.
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Additionally, the participants can connect to the platform through Bottomline and FIS, Visa’s hub partners.
Apart from adding Infosys as an integration partner, Visa noted that it has expanded its Visa B2B Connect network to 62 global trade corridors. The company aims to expand to more than 100 countries by next year.
Visa Business Solutions global head of new payment flows 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.”
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By GlobalDataThe Visa B2B Connect platform facilitates transactions from source bank to the beneficiary bank to expedite cross-border business payments. It usually settles fund payments in one or two days.
It uses a tokenised identity of the participant organisations to improve security of business-to-business cross-border transactions.
The process also enables the parties to track the status of payments throughout the cycle.
Infosys VP and global head of cards and payments Narayan Sivaram (Nans) 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.”
Recently, Visa partnered with BillDesk to launch an interface to enable recurring payments called SI-Hub.
