Standard Chartered has entered into a partnership agreement with Visa to facilitate the procedure for making B2B payments for corporate clients of a financial institution.
The mentioned lender has joined the Visa B2B Connect multilateral payment network. The financial institution has become a partner of the giant of the payment industry for settlements in several currencies.
Initially, the new solution will be offered to Standard Chartered Singapore customers. In the coming months, access to a simplified procedure for making B2B payments will be provided to more organizations.
Philip Panaino, head of the Standard Chartered cash unit, says that in today’s world, where interconnection is scaling, corporations and payment networks are constantly looking for solutions and partners that will help simplify international financial transactions and increase operational efficiency without compromising the security aspect. He also noted that the bank’s participation in the Visa B2B Connect network is another way in which the lender adds value to the broader ecosystem. Also, according to him, the financial institution supports corporations in their payment journey.
Visa B2B Connect provides faster and frictionless cross-border payment transactions from account to account (A2A). The connection of the application programming interface (API) between Standard Chartered and the operations network will be routed directly to Visa for further processing. This solution will avoid the costs and delays that are caused by the participation of several intermediaries in the process.
Standard Chartered, as a settlement partner within the network, will facilitate the opening of current accounts, the movement of funds, currency exchange and other payment flows for Visa. These actions of the financial institution will ensure transparency of the payment status of network participants at any time.
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