Standard Chartered has announced a new collaboration with Visa through the Visa B2B Connect network to streamline cross-border payments for its corporate clients.

This initiative, starting in Singapore, aims to expedite and reduce the cost of business-to-business transactions internationally.

The integration between Standard Chartered and Visa B2B Connect will be achieved via an application programming interface (API), which facilitates direct transaction routing to Visa, bypassing numerous intermediaries traditionally involved in such processes.

This setup is intended to minimise delays and costs associated with cross-border payments.

Visa B2B Connect is built on Visa’s extensive global network and provides multilateral connectivity, allowing for clear timelines and transparent costs, which enhances predictability and cost efficiency for corporate transactions.

In addition to joining the network, Standard Chartered will also serve as a settlement partner for Visa, supporting essential payment functions including settlements and foreign exchange operations.

The bank currently fulfills this role in the United Arab Emirates and will expand its services to Singapore and plans are in place to include the United States.

Philip Panaino, Global Head of Cash at Standard Chartered said,

“In today’s increasingly interconnected world, both corporates and payment networks are constantly looking for solutions and partners that can help them simplify cross border transactions and improve operational efficiencies, without compromising on security.

Our engagement in the Visa B2B Connect network – both as a participant and as a settlement bank – is yet another way we are delivering value add to the broader ecosystem as we support corporates on their payments journey.”

Ben Ellis, Senior Vice President, Global Head of Visa B2B Connect at Visa said,

“Visa is committed to modernising cross-border payments around the world and the collaboration with Standard Chartered will extend our network even further.

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.”

Featured image credit: Edited from Freepik

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• Source: https://fintechnews.sg/95028/payments/standard-chartered-joins-visa-b2b-connect-for-streamlined-payments/