Visa has announced the commercial launch of the Visa B2B Connect network, giving financial institutions an ability to quickly and securely process high-value corporate cross-border payments globally.
The Visa B2B Connect launch will cover more than 30 global trade corridors, with an aim to expand to as many as 90 markets by end of 2019.
“Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world,” says Kevin Phalen, senior vice-president and global head of Visa Business Solutions.
“By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points. With Visa B2B Connect, we are making payments quicker and simpler, while enhancing transparency and consistency of data.”
Visa B2B Connect removes friction and time spent on cross-border corporate transactions by facilitating transactions from the bank of origin directly to the beneficiary bank. The network’s unique digital identity feature tokenizes an organisation’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.
“It’s exciting to see the hard work of the combined teams come together for the commercial launch of Visa B2B Connect. Having participated in the pilot program, Commerce Bank is excited to see how this innovative solution will change the way cross-border payments are made, while increasing the speed and transparency for businesses around the world.” says Brian Gordon, senior vice-president: international payments and trade at Commerce Bank.