Visa made a recent announcement that should be of interest to businesses wanting to make secure cross-border payments – the B2B Connect network.
Being launched globally today, the new payment platform will be 30 trade corridors initially, with Visa noting that it plans to make it available in up to 90 different countries by the 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, SVP 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,” he adds.
According to the financial services provider B2B Connect will remove the friction 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 tokenises 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 is viewing the aforementioned digital identity feature within B2B Connect as transformative in 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,” enthused Brian Gordon, SVP of International Payments and Trade at Commerce Bank.
Visa also adds that partners like Bottomline, FIS and IBM will play integral parts in the future scale of B2B Connect. Bottomline and FIS in particular are said to be bringing the platform to its participating bank clients.
“With B2B Connect, we are leveraging Visa’s existing assets and our expertise in cybersecurity, data privacy, the scale of our network – and layering that with new elements of distributed-ledger technology to meet unique needs of this industry,” notes Sam Hamilton, SVP of data product development at Visa.
“This lays the foundation for a service with the potential to transform cross-border payments,” he concludes.