UK bank Standard Chartered has joined the Visa B2B Connect payment network to boost its account-to-account (A2A) cross-border payment capabilities.
Launching for corporate Standard Chartered in Singapore first, the solution will connect the latter’s APIs with the Visa B2B Connect network with transactions to be routed directly to Visa for processing and removing the multiple intermediaries to remove friction.
Built upon Visa’s extensive global network, its offering enables multilateral connectivity to all network members through a single connection with transparent timeframes and costs, offering predictability and cost effectiveness.
Following the Singapore launch, more entities will be added to the network in the months ahead, with the solution able to expand and enhance the bank’s existing suite of payments solutions.
Philip Panaino, Global Head of Cash at Standard Chartered, said: “We are delighted to build on our existing partnership with Visa to deliver this innovative and future-ready cross border payment network offering to our clients.
“We will join as a participant bank and as Visa’s new settlement partner for a set of currencies. 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.”
Standard Chartered will also act as one of Visa’s settlement partners within the network, facilitating payment flows, including settlement accounts, funds movement and FX capabilities.
In addition to providing Visa with the ability to extend additional settlement currencies and locations to participant banks, the API solution offered by Standard Chartered supports the network design to allow network participants to benefit from the transparency of their payment status.
Ben Ellis, Senior Vice President, Global Head of Visa B2B Connect, added: “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.”
