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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. Philip Panaino, Global Head of Cash at Standard Chartered, said: “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.” https://lnkd.in/enjwedfK

Visa and Standard Chartered Partner to Improve Cross-Border Payments #StandardChartered has announced that it has joined Visa B2B Connect, a multilateral payment network that allows its business clients to make cross-border payments between their accounts more quickly and easily. With a focus on enabling quicker and more affordable cross-border business-to-business (B2B) transactions, the solution will expand and improve the Bank’s current suite of payment offerings. It will initially launch for Standard Chartered Singapore clients, with additional entities planned to be added to the network in the coming months. By use of application programming interface (API) connectivity, Standard Chartered and the Visa B2B Connect network will be able to send transactions straight to Visa for additional processing. This will eliminate the need for several intermediaries and the related expenses and delays. #VisaB2B Connect, which is based on Visa’s vast worldwide network, provides multilateral connectivity to all network participants via a single connection with clear deadlines and charges, delivering predictability and cost-effectiveness. Corporates of all sizes who are actively looking for solutions to achieve faster, more secure, and more efficient cross-border payments can benefit from these capabilities. “Visa is committed to modernizing 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.”Standard Chartered is the new settlement bank for Singapore and the United Arab Emirates, and there are plans to expand to include the United States. Standard Chartered is presently the settlement bank for Visa B2B Connect in the United Arab Emirates. Visa’s network and customer experience are further enhanced by the ability to deliver payments started in Singapore Dollars (SGD), United Arab Emirates Dirham (AED), or other settlement currencies to up to 100 currencies due to the Bank’s strong FX liquidity capabilities and market presence.#creativegeeks

"Card Corporation (CARD.com) has teamed up with Visa to help its customers make cross-border payments using Visa Direct. This collaboration aligns with CARD.com mission to deliver financial solutions to both B2C and B2B White Label customers. Through Visa Direct, CARD.com can broaden its financial services on an international scale, offering fast and secure international payment options." #payments #fintech #financialservices #innovation #Visa https://lnkd.in/g8hN6gYX

"Behind the rise of digital remittances and other cross-border use cases are innovative money movement capabilities. For example, Visa Direct enables peer-to-peer (P2P) payments and account-to-account (A2A) transfers to individuals or small businesses around the world." Excellent World Economic Forum article by Visa's Robert Thomson! #payments #fintech #innovation #technology #economicgrowth #Visa https://lnkd.in/dtxU_mdN

Citi and Bank of Shanghai Launch First-of-Its-Kind Payments Solution for International Travelers in China “Our collaboration with Bank of Shanghai provides an end-to-end solution for international travelers so they can enjoy their travel experience throughout China without having to worry about their payment method. This is another example of how our Services business continues to deliver integrated payments solutions for our clients and their customers.” – Dawid Janas, Head of Global Clearing and FI Payments, Citi Services https://lnkd.in/ev2TJ6gr Victoria Ifan Marine Mao Cristina Vasile Srinivas Manthripragada Swift Kevin Wong Vittoria Bagnara Modia Jolene Han Berg #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

We'll soon be able to offer faster and smoother cross-border payments for our corporate clients thanks to a new partnership between Visa B2B Connect and Standard Chartered. And #Singapore is the market to roll this out! We've streamlined B2B transactions by removing the need for multiple intermediaries and, therefore, the associated costs and delays. This is a crucial step towards modernising cross-border payments and simplifying transactions - two of our key near-future goals at Visa. #CrossBorderPayments #B2B #Visa #Partnerships

The Growing Challenges of Cross-Border Transactions In 2024, cross-border payments remain a cornerstone of the global economy, facilitating international trade, remittances, and e-commerce. However, the infrastructure supporting these transactions is fraught with inefficiencies, making it a massive problem affecting billions globally. The Scope of the Problem Exorbitant Costs Cross-border transactions cost an average of 6–8% of the transfer amount, disproportionately impacting low-income individuals and small businesses. For context, global remittances were valued at $540 billion in 2023—meaning billions are lost annually to fees. Delays in Transactions Traditional banking systems often take days to settle cross-border payments. In today’s instant-economy, this delay creates cash flow issues for businesses and frustration for individuals. Limited Accessibility Nearly 1.7 billion people remain unbanked, with no access to affordable cross-border solutions. Even for those with bank accounts, many face geographical restrictions. Fragmented Systems Different regulations and compliance standards across countries create friction, making it difficult to transfer money seamlessly. Businesses face hurdles in scaling operations internationally due to these complexities. Inefficient Trade Financing Small and medium enterprises (SMEs), which make up a significant portion of global trade, are often excluded from efficient cross-border financing solutions due to high costs and stringent requirements. Impact on the Global Economy Stifled Economic Growth: High costs and inefficiencies slow down the pace of global commerce, reducing economic opportunities for individuals and businesses. Unrealized Potential: Cross-border e-commerce, valued at $3.3 trillion in 2023, continues to grow, but its full potential is held back by inadequate payment systems. Exclusion of Developing Nations: Developing economies, which rely heavily on remittance inflows, lose substantial value to transfer fees. This impacts millions of families reliant on international financial support. The Way Forward Addressing these issues requires innovative solutions. Emerging fintech platforms and blockchain-based systems are stepping up to modernize cross-border payments, offering reduced fees, faster transactions, and greater accessibility. Collaboration between regulators, banks, and fintech companies will be crucial to solving these global challenges. The world is at a pivotal moment where creating seamless, affordable, and accessible cross-border solutions is not just a business opportunity but a necessity for equitable growth. Credits to Hua Li Biptap is the solution to all this. Full article here:

For payments, borders don't exist! Fast, secure, and affordable - that's how modern cross-border payments should be. These payment types are now one of the foundations of global trade and service exchange, so it's worth delving into them including exploring their strengths and potential weaknesses. Unfortunately, many of them don't meet mentioned conditions. The threat of cyberattacks and theft remains one of the biggest issues affecting both consumers and companies 💳 As much as 76% of customers reported that due to a delayed transaction, they were left without the means to live 🛒 This is particularly crucial in the context of cross-border payments - everyone can easily imagine a similar situation while traveling or living abroad. That's why so many efforts from ours and other fintechs are aimed at eliminating risks. Remarkable successes have already been achieved in this field, so we look to the future with optimism and hope. An increasing number of SMEs are opting for a global business model. In international collaboration, swift payments are a matter of both brand image and security. That's why this sector is particularly important to us 💡 You can find more information on this topic in the linked article ⬇️ #mastercard #payments #digitalpayments

For payments, borders don't exist! Fast, secure, and affordable - that's how modern cross-border payments should be. These payment types are now one of the foundations of global trade and service exchange, so it's worth delving into them including exploring their strengths and potential weaknesses. Unfortunately, many of them don't meet mentioned conditions. The threat of cyberattacks and theft remains one of the biggest issues affecting both consumers and companies 💳 As much as 76% of customers reported that due to a delayed transaction, they were left without the means to live 🛒 This is particularly crucial in the context of cross-border payments - everyone can easily imagine a similar situation while traveling or living abroad. That's why so many efforts from ours and other fintechs are aimed at eliminating risks. Remarkable successes have already been achieved in this field, so we look to the future with optimism and hope. An increasing number of SMEs are opting for a global business model. In international collaboration, swift payments are a matter of both brand image and security. That's why this sector is particularly important to us 💡 You can find more information on this topic in the linked article ⬇️ #mastercard #payments #digitalpayments

Digital remittance in Asia is on the rise, fueling economic growth. In 2023, remittances hit $669 billion, supporting families and communities worldwide. -with Visa https://lnkd.in/gYMj9b_i #fintech #remittance #payments