StanChart joins Visa’s B2B Connect to enhance cross-border payments

It aims to facilitate faster and more cost-effective business-to-business (B2B).

Standard Chartered has joined Visa’s B2B connect to enhance cross-border payments for its corporate clients.

Visa B2B Connect is a multilateral payment network that enables faster and frictionless account-to-account, cross border payments. It offers multilateral connectivity to network members through a single connection with transparent timeframes and costs, offering predictability and cost effectiveness.

Standard Chartered will first launch the solution for its Singapore clients, with more entities to be added to the network in the months ahead, the bank said in a press release.
 
The solution is expected to expand the bank’s existing suite of payments solutions with a focus on facilitating faster and more cost-effective business-to-business (B2B) transactions across borders.

With this, transactions will be routed directly to Visa for further processing, removing multiple intermediaries and the associated costs and delays, StanChart said. 

ALSO READ: Standard Chartered launches open banking marketplace with over 100 APIs

Standard Chartered will also act as one of Visa’s settlement partners within the network, and in this capacity, facilitate payment flows, including settlement accounts, funds movement and FX capabilities for Visa. 

Standard Chartered’s API solution is expected to further support the network design, and allow network participants to benefit from the transparency of their payment status at any point in time.