Visa Inc. ( V Quick Quote V - Free Report) recently teamed up with the leading financial messaging services provider, Swift, in a bid to boost connectivity between the partners’ networks and therefore, ease international business-to-business (B2B) payments. For getting access to Swift’s network, messaging services, standards and solutions, Visa will make use of a scalable and safe cloud-based channel, Alliance Cloud.
Swift Payment Pre-validation, one of Swift’s capabilities, will pave the way for the prompt scrutiny of Visa B2B Connect payments. This, in turn, detects potential errors before the initiation of payments and thereby, minimizes unwarranted delays. In addition to this, Swift GPI capabilities and tracking data will be made use of by both the networks to ensure enhanced end-to-end speed and transparency of transactions.
The resultant benefit of the latest tie-up will be reaped by financial institution clients of both the networks, who will be equipped to provide increased routing choices for their business customers. Therefore, the ulterior motive of the partnership remains to make cross-border money transfers easier, safer and quicker. Infusing the correct standards of security, resiliency, reliability and compliance within the financial infrastructure of the world remains a mutual motive of both Visa and Swift, which will be addressed by the partnership.
The latest move bears testament to Visa’s efforts to bolster the offerings suite that its financial institutions clients extend to their corporate customers. Portfolio upgradation often results in attracting new customers and the likewise may happen with Visa. Through the enhancement of global payment processes, Visa seeks to establish a solid footprint in the worldwide cross-border payments market and targets to alleviate some of the intricacies that often crops up in moving money across borders.
And a booming digital era compels businesses to transform their business models and increasingly adopt digital means while making international payments. This, in turn, sustains the solid demand for convenient and affordable digital cross-border payment solutions, on which Visa can capitalize on through partnerships similar to the latest one.
Swift, powered by a superior infrastructure, which seamlessly interconnects geographies, networks and technologies, seems to be the apt partner to complement Visa’s endeavor of upgrading cross-border payments. Swift safely interconnects more than 11,500 institutions spread across 200 plus countries and territories.
Shares of Visa have gained 30.2% in the past year compared with the
industry’s 22.1% growth. V currently carries a Zacks Rank #3 (Hold). Image Source: Zacks Investment Research Stocks to Consider
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Business Services space are Limbach Holdings, Inc. ( LMB Quick Quote LMB - Free Report) , APi Group Corporation ( APG Quick Quote APG - Free Report) and Omnicom Group Inc. ( OMC Quick Quote OMC - Free Report) . While Limbach sports a Zacks Rank #1 (Strong Buy), APi Group and Omnicom carry a Zacks Rank #2 (Buy) at present. You can see . the complete list of today’s Zacks #1 Rank stocks here
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