(26 April 2024 – Singapore) Standard Chartered has linked with Visa B2B Connect to improve international transfers for its corporate clients.
Visa is seeking to transform the payments sector after highlighting a lack of innovation within the sector earlier in the year. Visa B2B Connect is an innovative network designed to enable participating financial institutions and their business customers to make global business payments that are streamlined, secure, and predictable. Through this multilateral payment network, businesses can conduct cross-border transactions with greater efficiency and transparency.
Standard Chartered, a key participant, will initially introduce the solution for its Singapore clients. As one of Visa’s settlement partners within the network, the bank will facilitate payment flows, settlement accounts, funds movement, and foreign exchange capabilities.
“Visa is committed to modernising cross-border payments around the world and the collaboration with Standard Chartered will extend our network even further,” said Ben Ellis, Senior Vice President, Global Head of Visa B2B Connect at Visa.
“We are excited to be partnering with Standard Chartered to simplify and speed up transactions for their clients, cutting out middlemen and reducing costs for a more efficient and secure way to move money globally.” Mr. Ellis added.