Krungthai Bank (KTB) and Visa announced the conclusion of a partnership agreement to provide enterprises operating in Thailand with the opportunity to make cross-border corporate payments under a simplified procedure.
After the implementation of the Visa B2B Connect solution in Thailand, KTB will be able to improve the visibility, predictability, and cost of the transaction flow. The relevant information is contained in a press release that was published by the financial institution.
Senior Executive Vice President of KTB and Head of Global Banking Transactions Tawatchai Cheevanon stated that establishing a partnership with Visa is one of the strategies aimed at creating a sustainable ecosystem of financial management services for corporate clients. These services include payments, liquidity management, and solutions for digital cross-border money transfers in real-time, which will allow for effectively managing cash flows.
The results of economic research show that in the period from 2020 to 2021, 38% of small and medium-sized businesses around the world have become much more likely than in previous years to make cross-border payments. At the same time, only 23% of them believe that the available solutions for international money transfers are satisfactory.
With Visa B2B Connect, funds are transferred directly from the sending bank to the receiving bank — without an intermediary. Because of this feature, KTB money transfers will be faster, more economical, and safer. Customers will be able to track the status of payments in real-time.
Visa Group’s Southeast Asia Manager Seren Gay said that the Thai business is currently actively entering the international arena and occupies its significant niche. He noted that due to this circumstance, activities have intensified to create new technological solutions that rethink the approach to cross-border payments and transform the principles of such financial operations in the B2B format.
Seren Gay says that new solutions offer important advantages to banks and their customers. He called transparency of processes, predictability, and profitability advantages.
The deployment of Visa B2B Connect in Thailand occurred about three weeks after the company established cooperation with Freedom Finance Bank Kazakhstan to facilitate cross-border payments in the Kazakh financial services market.
As we have reported earlier, Mercedes-Benz and Visa Launch In-Car Payments in Germany.