Standard Chartered has joined Visa B2B Connect. The multilateral payment network enables faster and frictionless account-to-account cross-border payments for its corporate clients. The initiative launches first for clients of Standard Chartered Singapore. More entities will be added to the network in the months ahead. The solution will expand and enhance the bank’s existing suite of payments solutions. Specifically, the focus is on facilitating faster and more cost-effective business-to-business (B2B) transactions across borders.
Removing multiple intermediaries, costs and delays
Through application programming interface (API) connectivity between Standard Chartered and the Visa B2B Connect network, transactions will be routed directly to Visa for further processing. This removes multiple intermediaries and the associated costs and delays. Built upon Visa’s extensive global network, Visa B2B Connect offers multilateral connectivity to all network members. This comes through a single connection with transparent timeframes and costs, offering predictability and cost effectiveness. These capabilities help meet the needs of corporates of all sizes that are actively looking at ways to achieve quicker, more secure, and more efficient cross-border payments.
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Philip Panaino, Global Head of Cash at Standard Chartered, said: “We are delighted to build on our existing partnership with Visa to deliver this innovative and future-ready cross border payment network offering to our clients. We will join as a participant bank and as Visa’s new settlement partner for a set of currencies. In today’s increasingly interconnected world, both corporates and payment networks are constantly looking for solutions and partners that can help them simplify cross border transactions and improve operational efficiencies, without compromising on security.
“Our engagement in the Visa B2B Connect network – both as a participant and as a settlement bank – is yet another way we are delivering value add to the broader ecosystem as we support corporates on their payments journey.”
Ben Ellis, SVP, Global Head of Visa B2B Connect at Visa, added: “Visa is committed to modernising cross-border payments around the world. The collaboration with Standard Chartered will extend our network even further. We are excited to be partnering with Standard Chartered to simplify and speed up transactions for their clients. It cuts out middlemen and reduces costs for a more efficient and secure way to move money globally.”
Standard Chartered: Visa settlement partner within the network
The Bank will also act as one of Visa’s settlement partners within the network. In this capacity, it facilitates payment flows, including settlement accounts, funds movement and FX capabilities for Visa. The API solution offered by Standard Chartered further supports the network design. It allows network participants to benefit from the transparency of their payment status at any point in time, by facilitating seamless payment and auto reconciliation.
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By GlobalDataStandard Chartered is currently the settlement bank for Visa B2B Connect in the UAE. In addition, it is also a new settlement bank for Singapore, with additional plans underway to include the US.
