Visa partners with banks for cross-border B2B payments
(21 November 2017 – Global) Visa has unveiled partnerships with four international banks as it prepared for the 2018 launch of its Visa B2B Connect platform.
To begin testing, the network is currently partnering with international banks such as Commerce Bank (US), Shinhan Bank (South Korea), Union Bank (Philippines), and United Overseas Bank (Singapore).
Visa says the platform is focused on providing “financial institutions a secure, fast and predictable way to process corporate cross-border B2B payments. B2B Connect, which was first previewed in 2016, uses blockchain technology to route transactions over Visa's network from the sending bank directly to the recipient.
In a statement from Visa, Chris Wiedenmann, VP, commercial payments and products at Commerce Bank said, “In a world of increasing global interconnectedness, the ability to make and receive payments quickly and transparently is critical for companies of all sizes. Commerce Bank is dedicated to delivering new and innovative solutions for our customers and, through our powerful relationship with Visa, we are excited to be participating in the Visa B2B Connect pilot."
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